Market report: The Irish stock market closed marginally lower yesterday as a light news day at home and a lack of inspiration from abroad left the market with little direction.
As overseas investors focused on climbing oil prices and US interest rates, Eircom proved the most active stocks on the domestic market.
Dealers said some 10 million shares were traded in Dublin, with a further five million shares changing hands in London, as the stock shed four cent, or 2.3 per cent of its value, to €1.72.
Rising oil prices did little to help Ryanair shares, which closed eight cent or 1.2 per cent lower at €6.39 as the price of crude breached $60 a barrel. But dealers noted it performed better than rivals like BA, which lost 5.4 per cent as its latest fuel surcharge kicked in.
AIB, which is due for inclusion in the Dow Jones EuroStoxx 50 index from Thursday, also continued to attract investor interest, closing 15 cent higher at €17.97. Bank of Ireland, however, lost 10 cent to €12.98 while Irish Life & Permanent shed four cent to €14.26.
Drink and snacks group C&C added five cent, or 1.4 per cent, to €3.70 amid continuing anecdotal evidence of the successful roll-out of its Magners cider brand in London.
Grafton Group, which successfully completed a $325 million placing of seven and 10-year senior notes with US investors, gave up 16 cent or 1.7 per cent to €9.34.
Elsewhere in the construction sector, CRH closed 22 cent, or 1 per cent, lower at €21.48 as the company said it was unaware of allegations made at Polish parliamentary inquiry that a local businessman paid a bribe of almost $1 million on the company's behalf.
Shares in Waterford Wedgwood edged up by 1.7 per cent to six cent, the proposed rights issue price, as the crystal and china group posted the issue documents to shareholders.
Other movers yesterday included Fyffes, off five cent to €2.28, and Greencore, which also closed five cent lower €3.45.
Settlement date: June 30th
