Market Report: Investors breathed a sigh of relief yesterday as they shut the books on what one trader described as a week where everything went "pear-shaped".
At the close, the Iseq had given up 4.3 per cent over the week, touching levels not seen for more than four months.
A lack of corporate Irish news left the market little choice but to take its direction from overseas, where generally negative sentiment prompted by inflationary concerns pushed everything downwards.
As well as being one of the busier stocks in what was generally a day of light trading, Anglo Irish Bank was also one of the biggest losers.
The stock shed 45 cent, or almost 4 per cent, to end the day at €10.95.
Irish Life & Permanent lost 20 cent to close at €14.06, while Bank of Ireland slipped 10 cent to €12.35.
AIB, the busiest of the financials, was also among the losers, dropping nine cent to €16.59. Still only 1.26 million shares changed hands, just below the three-month daily average.
Building materials group CRH continued its recent trend, falling 48 cent to €20.37. The stock, which has lost 6.4 per cent this week, is suffering from negative sentiment in the global building sector. Yesterday US group Caterpillar followed in the footsteps of a string of US building groups by issuing a profit warning.
Elsewhere, drinks and snacks maker C&C lost 12 cent to end the day at €4.90.
Elan was also hit, dropping 27 cents, or almost 4 per cent, to end the day at €6.73.
Jurys Doyle and Ryanair were two of the few gainers in a generally negative day.
Jurys added 10 cent to close at €18.60 after property developer Sean Dunne completed his €260 million deal to buy the five acre Ballsbridge site. He also said he has no plans to bid for the hotelier.
Ryanair rose five cent to €6.72 after world oil prices dropped to three-month lows amid easing of supply concerns.
Settlement Day: October 26th
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