Glanbia one of few gainers as stocks fall on global trend

Iseq:2,893.57 (–38.62) Settlement Date:January 24th

HAVING HIT 28-month highs on Tuesday, European stocks fell back yesterday, with stock markets across the board ending the day in negative territory.

The afternoon in particular saw a strong sell-off on the back of disappointing housing data from the US, although analysts said the fall was most likely due to profit-taking after the recent rally.

The Irish market took its cue from the global trends rather than any stock-specific news. It too fell off in the afternoon, finishing the day 38.62 points off at 2,893.57

Glanbiawas one of the star performers yesterday, closing more than 3 per cent higher at €4.08, as the market welcomed the announcement that the Irish company is to buy US sports nutrition company BSN and had reiterated its estimate of 20 per cent growth in earnings per share this year.

Financials had a mixed day. AIBand Bank of Irelandfinished 2 per cent and 4 per cent lower respectively on relatively low volumes, with one analyst pointing out that investors were keeping an eye on the persistently high sovereign debt yields on the bond markets. As speculation continued about the future of the EBS, Irish Life Permanent rose 1.5 per cent to €0.86.

Elsewhere, CRH, the largest constituent on the stock market fell a hefty 2 per cent, or 29.5 cent, to €14.74, on the back of disappointing US housing figures.

Ryanair, another index heavyweight, was down 2.4 per cent at €3.73 following worse-than-expected fourth-quarter results from Delta overnight due to fuel costs, although analysts pointed out that the market was awaiting today's figures from Easyjet.

Greencorewas one of the few companies to end the session in the black, adding 0.5 per cent to €1.29 as the market waited to see if Ranjit Boparan would make a bid for Northern Foods before tomorrow's deadline.