Market Report

The Irish stock market closed more than 20 points lower, hit by a weak performance from financial shares. But dealers said volumes were very light as US markets remained closed for the Independence Day holiday.

The emergence of a number of sellers served to knock Bank of Ireland shares back by 14 cents, or 1.3 per cent, to €10.57 ahead of tomorrow's annual meeting.

Dealers said AIB also "drifted" lower in light volume, closing 13 cents weaker at €12.35 while Anglo Irish Bank finished 15 cents lower at €12.55, also in thin trade.

Good traffic statistics, showing a better-than-expected 24 per cent rise in passenger numbers in June, helped lift Ryanair shares to a high of €4.92 before the stock slipped back to close at €4.75, six cents higher on the day.

CRH shares closed three cents weaker at €17.65 although dealers expect an upbeat trading statement from the company today.

Fyffes was among the more active stocks yesterday, as more than a million shares changed hands. The stock closed two cents higher at €1.79.

Other movers yesterday included Jurys Doyle, up 10 cents to €10.55 as the group announced the launch of its €50 million, 225-bedroom hotel in Boston.

Dealers reported one large trade in C&C, with more than one million shares changing hands at a price of €2.67. The stock closed one cent higher on the day at €2.65.

It emerged yesterday that Bank of Ireland Asset Management has been a seller of the stock, disposing of more than 2.8 million shares or 0.88 per cent of the company to cut its stake to 6.92 per cent.

Iona, which has been under pressure since it issued its fourth profit warning in three years last week, gave up a further 12 cents to €2.98.

Tullow, which concluded a joint venture agreement for the Kudu gas field in Namibia, closed two cents lower in Dublin at €1.86 after a recent good run.