CRH, Ryanair join losers on poor day of trading

Dublin Report: Settlement Day: April 21st: The Irish stock market lost 1.7 per cent of its value yesterday, tracking overseas markets lower as investors fretted over disappointing results recently from US companies.

The Iseq index closed more than 100 points lower with the leading stocks leading the way down. "It was fairly quiet in Dublin but the market sold off generally," one dealer said.

Among the fallers was AIB, which shed 27 cent, or 1.6 per cent, to €16.19 while CRH was off by 31 cent, or 1.5 per cent, to €20.30. Bank of Ireland gave up 18 cent, or 1.5 per cent, to €12.17 while Ryanair also suffered, shedding 19 cent, or 3.2 per cent, to €5.67. Other losers on the day included Anglo Irish Bank, down 25 cent or 1.3 per cent to €18.85 and Irish Life & Permanent, which was off 25 cent, or 1.8 per cent, to €13.60.

The more prominent secondline stocks were not immune to the weakness among their larger peers. Fyffes was down by five cent, or 2.2 per cent, to €2.20 while Grafton lost 23 cent, or 2.5 per cent, to €9.15.

Drink and snacks group C&C also felt the pain, closing eight cent, or 2.4 per cent, lower at €3.21 while DCC gave up 19 cent, or 1 per cent, to €17.50.

Paddy Power lost 16 cent, or 1.2 per cent, to €13.65 but dealers said it was reflecting the general market weakness rather than reacting negatively to news that William Hill is in talks to buy Stanley Leisure's betting shops in Ireland and Britain. "It's unlikely to have any impact. The real story with Paddy Power is what they are rolling out in the UK," one dealer said.

United Drug finished five cent, or 1.4 per cent, lower at €3.62 as Uniphar, one of its two main rivals, reported a 24 per cent increase in pretax profits last year to €11.5 million.

There was good volume in Glanbia, with close to one million shares traded, as the stock closed two cent lower at €2.73. Among the smaller stocks, some 4.8 million IWP shares changed hands yesterday as the stock gave up one cent, or 7 per cent, to €0.13.