Market Report:Traders breathed a sigh of relief yesterday, not because of an improvement in the market but simply because the "week from hell" was over.
The Iseq index of Irish shares lost €1.4 billion yesterday, bringing the loss for the week to €8.6 billion. Traders said they couldn't remember such a bad week. "It has been relentless," said one, adding that he wasn't confident about a change of sentiment any time soon.
Irish Life & Permanent was one of the worst performers yesterday, falling 4 per cent, or 71 cent, to end the day at €16.89.
The stock is down 9.4 per cent this week, a decline that has wiped €444 million of the company's market value. Building materials group CRHwas also a significant loser, dropping 2.1 per cent, or 70 cent, to close at €32. It is down more than 8 per cent this week.
Elsewhere drinks group C&Cwas busy, with 6.1 million shares changing hands, implying that the company had been back in the market acquiring its own shares. The stock held up better than most, closing down just seven cent, at €7.91.
Ryanair was also in demand - with volumes of 11 million traded - prompting dealers to suggest it too had been taking advantage of the recent declines to continue its buyback programme. The shares fell 2.5 per cent, or 12 cent, to €4.76.
Fruit group Fyffeswas one of the few positive stories of the day as the shares rallied more than 10 per cent after the company won its Supreme Court appeal against a High Court ruling in a case where Fyffes claimed it was the victim of insider trading by DCCchief executive Jim Flavin.
The shares fell back towards the end of the day however, closing up just 1.3 per cent, at 81 cent. DCC meanwhile fell 2.7 per cent, or 59 cent, to close at €21.11.
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