With CRH's annual results providing the corporate news of the day, attention was focussed on the building materials stock on the ISEQ. Although the group's pre-tax profit result of €408.9 million (£322 million) was ahead of expectations, the share price declined by 3 per cent, from €16.92 (£13.33) to €16.45 (£12.96), due partly to profit-taking and partly to cautious comments by the group on the 1999 outlook.
Overall, the ISEQ was down only a marginal 0.4 per cent on the day, but the banks continued their slide in thin volumes. AIB eased back another 12 cents to €15.48 (£12.19), while Bank of Ireland went back 35 cents to €17.95 (£14.14). The other financials fared little better, with only Irish Permanent, up 10 cents to €14.60 (£11.50), First Active, up 3 cents to €4.15 (£3.26) and Norwich Union, which announced annual results, moving into positive territory. Norwich registered an 18-cent gain.
Its Irish subsidiary showed a profit of €52.4 million (£41.3 million) last year. The parent group announced operating earnings before tax of £716 million sterling (€1.06 billion).
One dealer said there was some shareholder interest in second-liners as hopes are pinned on management buy-outs amid a malaise of institutional investment.
Independent was up 10 cents to €3.65 (£2.87), Abbey gained 13 cents to close at €4.13 (£3.25), and Heiton rose by 5 cents to €2.45 (£1.93).
Grafton, at €19.50 (£15.36), held onto Monday's €1.25 gain and Unidare was 10 cents up on yesterday's pre-tax profit announcement of €10.4 million (£8.2 million) on a €176.8 million (£139.2 million) turnover.
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