Stocks flounder as buyers stay away from bourse

Market report: Share prices in Dublin took another dip as buyers stayed away for a second day amid continuing weakness.

With inflationary fears and higher interest rates contributing to an internationally weak market, dealers said the Dublin market was bereft of buyers, with second-line stock suffering particularly badly.

The banks were a mixed bag. They all lost ground as the session began with some managing to attract some interest towards the close.

AIB, which had signalled positive trading news earlier in the week, wasn't immune from the weaker tone but did manage to make progress. The shares managed to end 4 cent higher at €18.23.

Anglo was unable to move into positive territory despite its continuing upbeat roadshow to investors. The shares lost almost 2.5 per cent in value on the day, ending at €12.19, down 31 cent.

Bank of Ireland did manage to add 6 cent to close at €14.27, having suffered earlier in the day, while Irish Life and Permanent was the biggest loser, drifting almost 5 per cent lower. It closed at €18.70, down 90 cent.

CRH was also under pressure, shedding 30 cent to €25.70. C&C, which is also presenting to investors, lost 20 cent to €6.35, unable to buck the downward trend.

Elan moved ahead with the shares, enjoying a bit of a run in the US. In Dublin the shares gained over 1 per cent to €13, up 16 cent.

Other losers included Independent News & Media, which was off almost 4 per cent to €2.30, down 9 cent.

Kerry, which will hold its annual general meeting today, was 23 cent down to €19.47, Glanbia was off 6 cent at €2.42 while IAWS was 13 cent down at €14.57.

Tullow Oil ended the session at €5.16, down 22 cent, while Paddy Power was off 35 cent at €13.95.

The newly listed Blackrock was one cent weaker at 36 cent while Fyffes was unchanged at €1.36.

Settlement day: May 23rd