Elan and CRH sustain heavy losses as Iseq's woes continue

DUBLIN REPORT: Iseq: 1,949.63 (-69.76) Settlement date: March 11thTHE ISEQ index of Irish shares underperformed other European indices yesterday, falling 3.5 per cent as the dominant index component CRH fell by more than 6 per cent.

The building materials group closed down 94 cent at €14.06, while another major stock, pharmaceutical group Elan, was also a heavy faller, declining 9.5 per cent to €3.89, down 41 cent.

The Dublin market was flat in morning trading, but horrendous economic figures emerging from the US at around lunchtime sent the index into decline in the afternoon.

Unemployment in the US is now at its highest level in 25 years, according to the new data, which weighed on market sentiment.

Aer Linguspublished figures showing that the number of passengers it carried in February was down 8 per cent on the same month last year, but the airline's load factor – or percentage of seats on planes filled – increased to 72 per cent.

The stock closed flat at 72 cent. However, Ryanairfell 2 per cent to €2.87.

Elsewhere, trading volumes were thin, although drinks group C&Cattracted some buyer interest as trade data from AC Nielsen showed that the price gap between its Magners cider and Heineken's cider offerings in Britain was closing. This was viewed as positive for the stock and it traded up in the early part of the day before closing flat at a share price of €1.13.

Banking stocks rebounded after Thursday's sharp declines, with Bank of Irelandclosing up 6 cent at 18 cent and AIB climbing 7 cent to 34 cent.

Meanwhile, Irish Life & Permanentfinished flat at €0.80.

Next week sees the publication of interim results from food group Aryzta and Origin Enterprises, as well as full-year results for Aer Lingus.