THE IRISH market aped its European counterparts yesterday as it fell for the fifth consecutive day, shedding 109 points or more than 1.5 per cent to 5,989.28.
Markets started the day weaker as the hangover from GE Capital's poor numbers last Friday carried over. Further bad news from Wachovia Bank in the US, which posted a surprise first-quarter loss, weighed down all markets and the negative sentiment remained for the rest of the day.
DCC was making the news as it announced that it would pay Fyffes €41 million in costs and interest to settle a dispute over the trading of Fyffes shares. In a statement to the stock exchange, the company said it expected to report net exceptional gains for the year to the end of March last of around €36 million after allowing for the Fyffes settlement.
DCC's share price dropped by more than 4 per cent to €14.25, although volumes were relatively light with around 170,000 shares traded. Traders said the weakness in its price was more to do with its exposure to sterling than the settlement.
Shares in Fyffes were unchanged at 88 cent with volumes of around 150,000.
With bad financial news continuing to emanate from the US, financial stocks were under pressure yesterday, with Anglo Irish Bank suffering most. It was more than 4 per cent weaker at €7.73 with around 1.5 million shares changing hands. Bank of Ireland shed 19 cent to €9 on good volumes, while AIB lost 22 cent to €12.95.
Elan was also weak yesterday trading off 3.79 per cent as it shed 53 cent to €13.47, while Paddy Power was down nearly 7 per cent as its share price lost €1.45 to €20.80.
Among the gainers on the day were C&C which tacked on six cent to €4, while Greencore was up five cent at €4.07.
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