Elan, CRH and B of I lose as stocks hammered

Stocks in Dublin took a hammering in common with European and US markets yesterday with sellers offloading shares amid weakening sentiment.

Elan, CRH and Bank of Ireland were among the big losers with all of the leading shares falling back. Smurfit managed to buck the trend, gaining seven cents to €2.06.

Elan lost €1.43 on the day to close at €61, mainly on the back of profit taking, with investors taking the opportunity to lock in gains. CRH shed 28 cents to €19.40 with the markets waiting for its results to restore momentum.

The financials were all hit by weakness and drifted lower in common with their European peers. Bank of Ireland suffered most with the stock trading down 18 cents to €9.72. AIB lost 16 cents to end at €11.84 while Anglo Irish Bank dropped five cents to €3.65 and First Active was six cents off at €2.42.

Eircom continued to struggle with the telecoms sector internationally still unable to make progress. The poor Orange flotation has weighed heavily on the markets with Vodafone and Eircom damaged by negative sentiment. Eircom ended six cents down at €2.53 with dealers suggesting it may yet fall further unless Vodafone can stage a recovery.

Others shares fairing better were DCC, with its shares up 13 cents to €11.47. The company also disclosed that Fidelity has taken a 12 per cent shareholding. The Jurys Doyle hotel group notched up 23 cents to 10.33 while Kingspan added another five cents. Investors will be hoping that when the reporting season kicks in, the Dublin market can shake off the current bout of weakness.