MARKET REPORT:THE ISEQ index of Irish shares was broadly flat yesterday, finishing down around half a per cent on a quiet day for local corporate news. The Dublin market slightly underperformed the major European stock markets, which all made very modest gains.
Building materials group CRH slipped 3 cent to €17.01 during the session. The US Senate finance committee this week introduced legislation that would inject almost $27 billion (€19 billion) into a highway funding programme, from which CRH is expected to be a major beneficiary.
No-frills airline Ryanair, which on Tuesday announced cuts to its Stansted-based services, was flat in trading ahead of its first-quarter results next week, finishing at €3.29.
Pharmaceutical group Elan fell 5.2 per cent to €5.29, one day after it released second-quarter results showing a 14 per cent year-on-year growth in revenues – figures that analysts described as “a strong set of numbers”.
Stocks linked with troubled property developer Liam Carroll saw some of their Tuesday gains eroded yesterday, with food group Greencore down 1 per cent at €1.09 and ferry operator Irish Continental Group (ICG) also down 1 per cent at €10.15.
Despite a ratings downgrade by credit rating agency Fitch, Irish Life Permanent (ILP) had a good day, recording the highest percentage gains of all the major stocks. It rose 5.1 per cent to €3.05 on the day.
Bakery group Aryzta, which has several US interests, rose 1.4 per cent to €24.70. After coffee chain Starbucks reported that the decline in its sales has moderated, Goodbody food analyst Liam Igoe noted that this may suggest a more positive environment in the US for discretionary consumer products
Aryzta agri-food subsidiary Origin also rose in trading, finishing up 4 per cent at €2.50.
Settlement date: July 27th
