Financials drag Dublin market down

The Dublin market finished the day a half a per cent lower, reversing the previous session’s rally, which saw almost all stocks enjoy gains.

The two main financial stocks finished the day in negative territory. Bank of Ireland, which was by far the most traded stock, continued its downward trend, shedding 3 per cent to close at just under 74 cent.

AIB was also weak, reversing Wednesday’s gains by losing 2.5 per cent to 76 cent. Irish Life & Permanent continued to find favour with the market, on the back of continuing speculation about its role in a possible third banking force continued as the future of the EBS enters a critical phase.

IL & P remained in positive territory for much of the session, adding a half a percent on the day to finish at €1.56.

Elsewhere, Total Produce lost 1.4 per cent on the day, despite positing a solid set of first-half results which showed that pre-tax profits rose by 5.5 per cent to €21.7 million in the first six months of the year, up from €20.6 million a year earlier.

Fruit distributor Fyffes, from which Total Produce was spun out in 2006, closed 3 per cent lower, ahead of its interim results.

Packaging company Smurfit Kappa continued its positive run of late, adding 2.7 per cent on the day to close at €7.40, having hit highs of €7.65 during the day.

Meanwhile CRH, the largest constituent on the index, which gained 47 cents in the previous session as it tries to leave the €12 mark behind it, spent most of the day in negative territory.

It managed to add a more modest 3.5 cent on the day to close at €12.78, a gain of just under 3 per cent.