Iseq slips a little on quiet session with light trading

DUBLIN REPORT: Iseq:2,946.79 (-1.66) Settlement date:July 19th

EUROPEAN MARKETS had a quiet Bastille Day, with light volumes and little change in the main indexes. The Iseq index traded in line with its peers and finished down a fraction at just under 2,947.

Taking its cue from a strong close on US markets on Tuesday night, the Iseq started positively but then lost its footing once the US reopened in the afternoon.

The main activity on the Dublin market was provided by Ryanair, which moved upwards by about 1 per cent, only to swing sharply in the other direction. The low-fares airline finished down almost 1 per cent at just over €3.88. Brokers attributed the fall to profit-taking.

CRHgave up some of its gains from Tuesday, retreating more than 1 per cent, or 21 cents, to €16.46. The Dublin-headquartered building materials stock was one of the weakest in its sector yesterday, but one trader said its decline was exaggerated by a very high close on Tuesday.

AIBwas quite weak on the day following press speculation that a number of suitors for its Polish unit, Bank Zachodni WBK, have withdrawn from the bidding process. It slipped more than 4 per cent, or 4 cents, to 90 cent.

Although Bank of Irelandtrended upwards, hitting a daily high of 78 cents, it closed more or less flat at 74 cents, on average volume. Irish Life & Permanentwas the best performer in the Irish banking sector on the day, bouncing 1.8 per cent to almost €1.54.

The main stock-specific newsflow on the market came in the form of an upbeat trading statement from Glanbia. The nutritional ingredients group said it was on track for a very strong first-half performance, but its share price ticked up by just 4 cents to €3.16.

Elsewhere Smurfit Kappawas a strong performer, adding close to 4 per cent, or 27 cents, to almost €7.47.