Market Report: The stock market gave up ground yesterday, dragged down by the leading shares as overseas markets failed to progress and the European Central Bank left interest rates unchanged.
Settlement Date: May 13th
Financial stocks led the way down as Irish Life & Permanent lost 37 cents to 10.10, Bank of Ireland shed 22 cents to 11.00 and AIB gave up 15 cents to 14.23 despite announcing it had bought back a further 355,000 of its own shares at an average price of 14.30 on Wednesday.
CRH did not escape the general weakness, giving up 26 cents to 13.75 as analysts downgraded their forecasts for the group in the wake of the trading statement released at Wednesday's annual meeting.
Estimating that each one cent change in the dollar/euro exchange rate affects CRH earnings by about 0.5 per cent, Davy cut its earnings per share forecasts for the group by around 3 per cent for this year and next.
Other losers yesterday included DCC, down 10 cents to €11.40 ahead of results later this month, and Grafton, which shed 16 cents to 3.50.
Despite downgrades following its recent downbeat trading statement, warning that first-half operating profits would be down, Jurys Doyle shares added 10 cents to 7.40.
Ryanair logged a seven-cent gain to 6.26 as more than five million shares changed hands. Dealers reported a single two million share deal and suggested there was a new buyer of the stock in the market.
Elan also moved ahead, adding 16 cents to 3.76 after the US Federal Trade Commission said it was dropping part of an anti-competition probe into its muscle relaxant, Skelaxin.
There was also good volume in Independent News & Media which added five cents to 1.32 while Tullow Oil gained three cents to 1.05 after finding oil off the Ivory Coast.
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