DUBLIN REPORT Iseq: 2,173.88 (-16.09) Settlement date: February 23rdBANKING STOCKS remained under pressure yesterday on what was a mixed day for the Irish market. However, the marked volatility affecting financials on Tuesday subsided somewhat.
AIBlost some of the ground gained the previous day, slipping 4.55 per cent to €0.63 on fairly strong volume.
Bank of Irelandlost 1.87 per cent, and finished the session at just below €0.37.
In the early afternoon Irish Life & Permanentsold all the way down to €1.05. However, it had rallied by the time the market closed to finish more or less flat at €1.275.
Overall, the Irish banks underperformed their European peers slightly.
There was good activity in C&C, which continued to hold up well. Despite speculation that the drinks group may make an announcement relating to jobs in its Clonmel plant today, it gained 2.79 per cent and closed at €0.92.
According to one trader, positive results reported by Heineken had a “positive read-through” for the group.
Glanbiacame under pressure, with one trader reporting "fairly aggressive" selling in the stock. Its share price tumbled 10 per cent, or 25 cent, to €2.25, although there was no specific newsflow behind this sell-off.
Independent News & Mediawas a big loser on the day, slipping more than 13 per cent to €0.16.
United Drugremained out of favour following its downbeat trading statement this week, and was off another 4.7 per cent at €1.82.
A combination of negative house-building data coming out of the US and rumours of a possible rights issue weighed on CRHyesterday.
The cement giant slid 1.5 per cent, or 25 cent, to €16.46.
Elsewhere in the construction sector, Grafton Group traded down by 5 per cent to €1.32.
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