CRH has bad day as most main players take a hit

YESTERDAY BROUGHT a poor end to a topsy-turvy week on the ISEQ, with the index down 1.6 per cent on the day after negative moves from most main players.

CRH was in bad shape by the end, closing €1.10 weaker at €24.55 in line with generally poor sentiment on the construction sector. Downbeat comments from pipe firm Wavin on the state of the Irish market did little to help things, with Kingspan and Grafton also suffering.

Grafton declined by 18 cent to close at €5.37 on heavy trade, with one block of 2.1 million shares changing hands at €5.35. Rumours of stakebuilding in the firm are circulating, although no evidence of this has emerged.

Kingspan fell by 43.3 cent to €8.977, although one analyst said positive comments made by Wavin in relation to eastern Europe should reflect well on the Cavan firm.McInerney also fell yesterday, closing 2 cent lower at €1.52 after Merrion cut its growth forecasts for the house-builder.

A rare bright spot on the market came from Smurfit Kappa, which climbed 22 cent to €9.50, helped by indications that paper prices are again rising in Europe. IAWS also rose, adding 21.9 cent to reach €13.37.

C&C's trading update was the main source of market news yesterday, with investors learning that Magners will soon be sold in draught format in Britain. Share movements of recent days suggested investors were not surprised, and the stock closed unchanged at €4.50.

The banks were again out of favour despite solid results from the sector recently. AIB shed 18 cent to close at €13.60, while Bank of Ireland fell 21 cent to €9.35. Airline stocks were not popular as worries persisted over oil prices. Ryanair ended at €3.153, 14.6 cent lower, while Aer Lingus fell by 9.3 cent to €2.247.

ISEQ: 6415.12 (-104.00) Settlement date: March 5th