Iseq sheds 1% and leads the way in falls across Europe

Iseq: 2,895.10 (–29.66) Settlement date: June 13thTHE ISEQ index continued the downward trend that has characterised trading so far this week, closing off 1 per cent in line with its European counterparts, as lingering concerns about the state of the US economy and the continuing debt crisis in Greece weighed on sentiment.

With results season slowing down, there was little stock-specific news on the Iseq and volumes in Dublin were low according to traders.

Two of the Iseq’s biggest names lost ground, dictating the overall trajectory of the index. Building materials company CRH fell for the second consecutive day, although it still remained well above the €14 mark, closing at €14.20, a fall of more than 1.7 per cent.

Ryanair, which was one of the most traded stocks, was weaker following a decent run. It finished down 2 per cent at €3.54.

The other listed airline, Aer Lingus, which reported a rise in passenger numbers for May, shed 1 per cent to close at just over €0.79, although on low volumes.

Elsewhere, Smurfit Kappa was active following an investor day in London, although the stock closed flat at €8.34.

Takeover-target IFG continued to push ahead, hitting €1.95, a gain of more than 5 per cent.

Having finished slightly lower on Tuesday despite posting a solid set of third-quarter results, bakery company Aryzta rebounded yesterday. It was one of the few stocks to finish in positive territory, closing up more than 1 per cent at €37.90.

Origin Enterprises, which also impressed investors on Tuesday with strong third-quarter results, fell back 2.5 per cent to €3.80.

On the bond markets, yields on 10-year Irish Government debt hit highs of 10.88 before closing at 10.77 as concern over the European sovereign debt crisis persisted.