Market report:Weakness in AIB, Bank of Ireland, Anglo Irish Bank and Ryanair dragged the Irish stock market lower yesterday, prompting the Iseq to close 1 per cent down on the day.
Dealers said a soft performance on overseas markets, amid ongoing concerns about rising energy costs, depressed sentiment and contributed to the general downward drift.
Bank of Ireland led the way down, shedding 39 cent or 2.6 per cent, to €14.45. Despite better than expected first quarter results from its Polish unit, BZ WBK, AIB shares lost 35 cent, or 1.8 per cent, to €18.65. Anglo also drifted lower, losing 15 cent, or 1.1 per cent, to €12.90.
Only Irish Life & Permanent managed to escape the downward pressure in the sector. Buoyed by strong buying interest, it added 65 cent, or 3.25 per cent, to €20.65, dealers said. Ryanair was another poor performer, hit by ongoing unease about the rising price of oil now that it is unhedged. The stock shed 31 cent, or 4.5 per cent, to €6.64 as it was downgraded by US broker Raymond James.
In marked contrast, shares in Tullow Oil surged by 12.5 pence, or 3 per cent, to 416 pence (€6) on the back of rising oil prices. In Dublin, they added 19 cent, or 3.3 per cent, to €6.01.
Elsewhere, Ormonde Mining gained 9 per cent to €0.24 following positive estimates from its La Zarza mine in southern Spain.
Providence was another gainer in the sector yesterday, adding 7.6 per cent to €0.085.
Eircom shares were unchanged at €2.16 as Australian investment fund Babcock & Brown began to carry out due diligence on the company.
CRH shares dipped by six cent or 0.2 per cent to €28.40 following reports that the 74 per cent stake in Spanish cement maker Uniland that it doesn't own is for sale.
Meanwhile, shares in Grafton Group added 10 cent to €10.70 as they shrugged off Travis Perkins' statement that its UK markets were recovering only slowly.
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