CRH largely unaffected despite ratings downgrade

DUBLIN REPORT: Iseq: 2,668.33 (-1.37) Settlement date: September 2ndWITH THE UK markets closed due to a bank holiday yesterday, volumes on the Irish Stock Exchange were less than half what could be normally expected.

On a subdued day of trading, the ISEQ closed fairly flat on the day, dropping just 1.37 points, or 0.05 per cent, to finish down at 2,668.33.

Although CRH was the subject of a downgrade from rating agency Moody’s, which changed its rating outlook on the building company to negative, the stock was largely unaffected, and it finished flat at €12.10.

Ahead of a busy day for financial results, Irish Life Permanent was quite weak, giving up 6 cent, or 4.3 per cent, to close at €1.39.

Bank of Ireland fell also, declining by almost 1 cent, or 1.1 per cent, to close down at € 0.74, but AIB went against the general trend, adding 1 cent, or 1.3 per cent, to climb to €0.77.

IFG Group, which also has results out today, was also weak yesterday, falling back by 3 cent, or 2.1 per cent, to finish at € 1.15.

Ahead of results from food group Kerry, the stock was largely unchanged yesterday, dropping just 15 cent, or 0.6 per cent to close down at € 24.60. Similarly, the Grafton Group, which releases interim figures this morning, was fairly flat, dropping 2 cent, or 0.6 per cent, to finish at €2.55.

Pharmaceutical firm Elan gave up 4 cent in light trading, to close down by 1.1 per cent at € 3.50.

Ryanair was pretty strong, in light volumes, and it opened well but drifted back to € 3.86 later in the day, having added just 1 cent, or 0.3 per cent.

One of the better performers on the day was the Kingspan Group, which added 9 cent, or 1.7 per cent, to climb to € 5.31, while Aer Lingus also advanced slightly. It gained 1 cent, or 1.3 per cent, to finish at € 0.93.