Market again negative on concerns over Middle East

Iseq: 2,921.66 (–37.50)   Settlement Date: March 7th

THE IRISH market continued to take its lead from global events yesterday as concerns about rising oil prices and concern about political volatility in the Middle East continued to unsettle investors, driving global stock markets lower.

In Dublin, positive results from a number of companies on the stock exchange failed to offset the overall negative sentiment permeating the market. Having opened weaker the Iseq failed to pick up momentum and only a smattering of stocks ended the day in positive territory.

Glanbia was one of the best performers as the food company published better-than-expected full-year results, boosted by a turnaround in the performance of its Dairy Ireland business and continued growth in nutritionals. The share price closed the session flat at €4.30, but analysts noted that it had enjoyed a good run-up to results day.

Fyffes published results slightly ahead of expectations, with pre-tax profits pretty much flat at €21.3 million for last year. The junior market-listed stock lost 2.7 per cent to close at €0.43.

Irish Life and Permanent lost 6 per cent, closing at €0.88, after a strong performance by its life assurance business was offset by rising losses in its banking unit.

CRH’s performance was something of a surprise yesterday following its full-year results on Tuesday. It shed a hefty 2.7 per cent, or 44 cent, pushing the share price well under the €16.00 level to €15.87.

As the price of oil continued to cause concern, the Iseq’s airline stocks were two of the most actively traded stocks yesterday.

Aer Lingus, which announced a return to profit in 2010 results published earlier this week, lost 4.4 per cent to finish at €0.87.

However, Ryanair was one of the few stocks to make ground, adding 1 per cent to €3.39.