Iseq: 2,796.55 (-82.12)
THE ISEQ took its cue from a weak US markets yesterday, closing 2.8 per cent lower on fairly anaemic volumes.
An exception to this was Bank of Ireland, which saw over one million shares traded between Dublin and London. The trajectory was negative however, with the bank falling by 6 cent to 61 cent.
AIB wasn’t in great shape either, losing 7.5 cent to end the session at 80 cent. The bank’s Polish disposal remains at the forefront of investors’ minds, with seven bids reportedly received.
Irish Life Permanent, which is expected to submit a bid for EBS by today, fell by 11.8 cent to €1.405.
The main culprit for the market decline was CRH, the Iseq’s largest constituent. Jitters over construction stocks in the US weighed on the group, sending its shares down by 72 cent, or 4.2 per cent, to €16.42.
A trading update is due next Wednesday, with analysts not expecting much acquisition news.
Amid the gloom, dealers reported a flight to defensive assets yesterday, with Kerry Group a beneficiary. Shares in the food group rose 40 cent to €23.10. Ryanair was solid during the day on reports of strong bookings after England’s World Cup exit. The airline faltered at the close and finished 2 cent weaker at €3.578. Its results are due on July 20th.
CC failed to benefit from the completion of its €300 million spirits disposal to William Grant, declining by 5 cent to €3.18.
Other weak players yesterday included DCC, down 64 cent to €17.92 and Smurfit Kappa, which fell 11 cent to €6.52. Petroceltic also suffered, falling by 1.5 cent to 10.5 cent after Italian authorities proposed exploration limits that would affect its assets there.
Donegal Creameries rose 5 cent to €2.75 after a positive agm update, while Merrion Pharmaceuticals was up 5 cent at €4.
Settlement date: July 6th
