Financials hit hardest on mixed day of trading

MARKET REPORT: The Irish stock market lost nearly half a per cent in value, tracking overseas markets lower amid concerns about US jobs data, a spike in oil prices and worries about earnings in the US retail and mid-cap telecoms sectors.

The Irish stock market lost nearly half a per cent in value, tracking overseas markets lower amid concerns about US jobs data, a spike in oil prices and worries about earnings in the US retail and mid-cap telecoms sectors.

Irish financials were hardest hit, giving up ground toward the close. AIB lost 19 cents to €12.51, Bank of Ireland was off 21 cents at €10.77, while Irish Life & Permanent shed 35 cents, or close to 3 per cent, to €12.30.

Anglo Irish also closed lower, down 10 cents at €12.75, as the sector suffered from selling pressure on European financial stocks.

Otherwise, the picture in Dublin was mixed although dealers reported decent volumes across a broad range of stocks.

Iona Technologies was one of the main features, losing 50 cents or more than 14 per cent to €3 as it issued its fourth profit warning in three years.

It was down by 48 cents, or nearly 12 per cent, to $3.60 on the Nasdaq by the Irish close.

DCC gave up the strong gains of recent days, closing 60 cents or 4 per cent lower at €14.40. Other losers included Independent News & Media, down four cents to €1.92.

Among the winners were CRH, which added 12 cents to €17.48 and Ryanair, which was up 12 cents to €4.70.

In the pharmaceutical sector, Elan added a further 21 cents in Dublin to €20.48. Trinity Biotech was also a strong performer, gaining 40 cents or more than 17 per cent to €2.70 as the Dublin share price played catch-up with the gains seen on the Nasdaq on Wednesday.

This followed receipt of a waiver from the US FDA for its rapid HIV test.

There was good volume in C&C shares, as around 3.7 million shares changed hands, but the stock closed unchanged at €2.63.

Tullow Oil also moved ahead, adding eight cents or more than 4 per cent to €1.88 in Dublin on the back of positive news from an appraisal well on the M'Boundi field in the Congo.