Financials slip into negative territory while Ryanair soars

MARKET REPORT: The sunshine was not enough to lift spirits on the Dublin exchange yesterday when the market closed 1.06 per cent per weaker in thin bank holiday trading.

The ISEQ eased 44.99 points to finish the long weekend at 4,186.79, with 10 shares declining while nine rose. The fall mirrored poor sentiment on both sides of the Atlantic, with US and European stocks taking a hammering amid poor investor sentiment and fears of a double-dip recession in the US.

With Irish fund managers taking advantage of the public holiday, most of the bigger trades were by British investors, stock brokers said. Just under 7 million shares changed hands.

Ryanair led the gainers, closing 20 cents higher at €6.10 ahead of first-quarter results this morning. The budget carrier said it carried 41 per cent more passengers in July than during the same month last year.

Among the main losers were the two biggest banks. Bank of Ireland lost 19 cents to close at €11.52, with one trade of 500,000 shares in London early in the afternoon. AIB also lost ground, finishing 10 cents weaker at €12.50. Anglo Irish Bank also lost 11 cents, closing at €5.94.

Of the industrials CRH was the biggest faller losing 80 cents to close at €13.90, due to what one trader described as poor sentiment about the building materials sector.

Shares in Jefferson Smurfit were two cents stronger at €2.90 ahead of this week's deadline for voting on the Madison Dearborn takeover offer for the print and packaging group. Shares in Green Property, the subject of a management buy-out, closed six cents stronger at €9.71.

Elan was weaker, easing 10 cents to €2 after reports that it was seeking buyers for three its drug products.