DUBLIN REPORT Iseq: 2,076.55 (-93.53) Settlement date: February 25thAS US markets touched multi-year lows, the Iseq index of Irish shares fell by 4 per cent to 2,076.55 yesterday, a level not seen since 1995.
On what was described by one trader as a “dour day” for the Irish market,
CRH
was the biggest factor dragging down the index.
The cement giant fell by close to 7 per cent to €15.22, as negative newsflow hit its sector.
Two of its European peers, French building materials groups Lafarge and Saint-Gobain, announced €1.5 billion rights issues and slashed their dividend payouts.
In percentage terms, Irish Life & Permanentwas the biggest loser on the day, tumbling by more than 17 per cent to just over €1.04. One trader attributed this drop to a "general lack of trust in financial entities around the world".
AIBshed almost 7 per cent to €0.60, while Bank of Irelandlost close to 5 per cent to finish at €0.337.
FBD Holdingssucceeded in bucking the trend, trading up by 4.33 per cent, or 33 cent, to €7.95.
Fyffeswas hit by negative sentiment yesterday following worse-than-expected results from Chiquita.
The US fruit producer’s share price plummeted 40 per cent to its lowest level in at least 20 years, and Fyffes slipped almost 8 per cent to €0.21.
Packaging company Smurfit Kappaalso lost ground, slipping by more than 4 per cent to €1.36.
Elan came under pressure too and traded down as low as €5.04 at one point, but recovered somewhat to close down 47 cent at €5.13.
Kerry Groupand Paddy Power, both of which have results out soon, managed to escape the doom and gloom weighing down the market.
Kerry closed flat at €14.75, while Paddy Power held more or less steady at €10.52.
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