Dublin Report:The Irish stock market closed lower yesterday, dragged down by a poor showing from the banks and a sharp drop in DCC's share price in the wake of a profit warning.
Shares in the industrial holding company fell by €1.69, or 9 per cent, to €16.70 as the company warned that adjusted earnings per share would show a rise in the mid-single digits this year.
The forecast came just two months after the company told shareholders it expected to post a double digit rise in earnings, beating market expectations.
Banking stocks also struggled as AIB shed 26 cent or nearly 1.5 per cent to €17.62. Bank of Ireland lost 14 cent, or more than 1 per cent, to €12.98 while Anglo Irish Bank closed 18 cent, or 1.6 per cent, lower at €11.12.
Only Irish Life & Permanent managed to buck the downward trend in the wake of its recent interim results, finishing 12 cent or 0.8 per cent higher at €15.10.
Elsewhere, Jurys Doyle shares were unchanged at €18.50 as just over a million changed hands amid speculation that the Beatty family were in the market yesterday to snap up more stock.
Dealers reported good trading volume in a number of leading secondline stocks including Fyffes, which added six cent or 2.3 per cent to €2.64 as 1.9 million shares traded.
Eircom edged up by three cent, or 1.5 per cent, to €2.04 as 2.2 million shares changed hands but C&C lost one cent to €4.69 in volume of 1.3 million.
Shares in Grafton shed 11 cent, or 1.2 per cent, to €8.93 ahead of the release of first-half results today.
All eyes will be on the performance of the group's British operations amid growing worries about the slowdown in consumer spending in the UK.
In contrast, shares in Independent News & Media added three cent, or 1.2 per cent, to €2.54 ahead of its half-year figures on Wednesday.
Other movers yesterday included Kerry Group, up two cent to €18.50 as close to one million shares changed hands.
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