Financial stocks remain weak as B of I sheds 3.3%


MARKET REPORT: Shares lost more than 1 per cent yesterday as financial stocks remained weak.

Settlement Date: November 11th

However, dealers said volumes were relatively light as the market adopted "a holding pattern" ahead of the Fed announcement on interest rates.

Bank of Ireland was the harder hit of the two main banks, losing 38 cents or 3.3 per cent to €11.02 while AIB was off 10 cents at €14.40.

While Ryanair managed to hold recent gains, closing unchanged at €7.35, and CRH lost just two cents to €12.68, second-line industrial stocks gave up ground.

Hotel group Jurys Doyle lost 38 cents to €7, Kerry Group was off 40 cents at €12.80, United Drug shed 15 cents to €11.95 and Paddy Power gave up 10 cents to €4.35.

Meanwhile, Independent News & Media was down eight cents at €1.37 and Waterford Wedgwood lost four cents to €0.38.

Trading in Dunloe shares was light yesterday, with around 850,000 shares traded as the stock closed unchanged at €0.44.

Alphyra was also unmoved at €1.55 despite the late announcement that members of the company's senior management team had made an approach about a management buyout of the firm.

Barlo shares gained two cents to €0.20 ahead of the release of results today while Riverdeep, which is also due to issue figures, lost two cents to €1.10. Merrion Stockbrokers issued a note on the company criticising the lack of visibility and the company's record of inadequate and poor communications with the financial markets.