DUBLIN REPORT: Iseq:2,911.52 (-32.31) Settlement Date:August 2nd
THE DUBLIN market closed more than 1 per cent lower yesterday in line with a trend that saw European markets end the session in the red, reversing a six-day rally. The Dublin index was brought down by a 2 per cent fall by index heavyweight CRH, which closed at €16.15, as data from the US continued to disappoint.
Ryanair, the second largest constituent on the exchange, was off 1.1 per cent as the markets reacted to the news on Tuesday that chief executive Michael O'Leary had sold five million shares. However the market reaction was muted – the fact the chief executive has sold shares during the summer in most of the previous years meant there was less significance to the sale, according to one airline-watcher. More significant for the group's share price was a 7 per cent slide by rival and sector peer Easyjet. This was more likely to have led to the fall in the share price which saw Ryanair finish the day at €3.79.
Bank of Ireland and AIB gave up some of the recent gains enjoyed this week on the back of a positive response by the market to the results of the European stress tests. Both stocks finished the day weaker, despite a recent rally in Irish government bonds.
Bank of Irelandcontinued to be the most traded stock, although volumes were slightly down on previous days. It finished 1.5 per cent lower at €0.83. AIBshed 1.1 per cent to €0.94, despite its Polish bank, BZWBK, reporting interim results yesterday morning that were in line with expectations.
Irish Life and Permanentwas the star performer among the financials gaining 6.2 per cent to €1.74.
Aryztareversed the losses of the previous session to finish up 1 per cent or 33 cent at €30.82, after peer company Panera Bread reported a year-on-year increase in earnings per share of 31 per cent.
