Ryanair and CRH drag down overall market

DUBLIN REPORT: Iseq: 3,274.26 (-93.28) Settlement date: October 16thTHE ISEQ underperformed compared to other European markets yesterday, finishing down 3 per cent. This was on lower than average volumes, however, with traders noting a scarcity of buyers in the market.

The performance of two of the biggest constituents on the Iseq, CRH and Ryanair, dragged down the overall index. Both stocks finished more than 2.5 per cent lower.

Financials were down steeply, reversing Monday’s rally on the back of the Green Party’s decision to support the National Asset Management Agency at the weekend.

Volumes on Bank of Ireland and AIB were slow until lunchtime, with trade picking up in the afternoon session, though Bank of Ireland significantly outperformed AIB in terms of volume.

Bank of Ireland experienced the biggest falls, however, finishing 9 per cent lower, while AIB was off 6 per cent. Both closed at €2.87.

The poor performance of the two main banking stocks mirrored the pattern of weak financials across Europe yesterday.

CC was one of the Iseq’s best performers on a day when few stocks finished in positive territory. The drinks company continued to see a lot of investor activity and was one of the most traded stocks. It reversed losses incurred in the previous session to return to its recent form, finishing more than 3.5 per cent higher.

Dublin- and London-listed housing construction company Abbey also advanced, following better-than-expected results from UK housebuilder Bellway. The results failed to lift other construction-related stocks on the Iseq, however. Kingspan lost 20 cent to close at €6.35, while Grafton was off four cent at €3.71.

Bookmaker Paddy Power, despite advancing early in the day on the back of continued speculation that it plans to expand into France, ended down 20 cent.