Concerns about inflationary pressures in the US combined with relatively thin trading activity helped to depress Irish share prices yesterday.
Dealers reported very little investor activity this week due to the Easter holidays and the recent market volatility. With trading volumes very thin throughout the day, the decline in the value of some of the leading stocks was much greater than it otherwise would be.
CRH suffered most, with the shares ending the day down 55 cents to close at €17.90. Dealers say some 200,000 shares were dealt on the day and the drop in CRH's value was exaggerated by trading conditions.
The banks were also lower, with AIB down nine cents to €10.90. Bank of Ireland was also weaker slipping by 15 cents to €7.20.
Anglo Irish Bank was unchanged at €2.43, while Irish Life & Permanent was down two cents at €9.20. First Active also shed two cents to end the day at €2.18.
Despite strong first quarter figures yesterday, shares in Elan fell, with the stock closing at €49.50 down €1.91. Dealers said the stock is being adversely affected by concerns about inflationary pressures in the US market which are likely to affect its performance in the coming days and weeks. Smurfit shed 13 cents to €2.35.
Stocks which did manage to make progress included, Eircom which added four cents to close at €3.87. Horizon Technologies went 70 cents stronger to €9 and a very strong trading statement from the Waterford Wedgwood group delivered at its annual general meeting in Waterford yesterday helped to boost the share price. It closed at €1.09 up from €1.03.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)