Mixed results leave ISEQ unchanged

A mixed bag of half-year results saw the Irish market remain almost level at 4,494.92 today. Overall, the Iseq closed up 9.9 per cent for August.

Although financial stocks were pretty steady, all but one gave up some of their gains from this week. Anglo Irish Bank fared the best, gaining 25 cents on the day to close up 4.4 per cent to €5.95.

Less fortunate were Bank of Ireland, which lost 8 cents, or 1.5 per cent, to fall to €5.45 and Irish Life & Permanent which also fell back by 8 cents or 1.2 per cent to €6.36. AIB closed the day down 5 cents or 0.6 per cent to €8.70.

Elsewhere, it was another day of half-year results. Good results from Irish Continental Group saw the stock advance by 83 cents or 4.6 per cent to €18.83, while relatively good results from IFG Group saw the stock rise by 8 cents or 5.4 per cent to €1.55.

Grafton Group said its pretax profits for the first six months of the year fell by 50 per cent to €53.4 million, leading to a 16 cent or 4 per cent drop in its share price, which closed the day at €3.84.

Fruit importer Fyffes saw its share price plummet by 30 per cent after it announced that it had lowered its profit forecast for the year. The stock closed down 15 cents to €0.35.

Despite releasing a weak management statement, C&C Group finished up 12 cents or 5 per cent on the day to close at €2.47, as the result was not as bad as feared by the market.

Shares in food group Kerry fell by 50 cents or 2.6 per cent to finish the day at €18.50, following the announcement from the Competition Authority that it had blocked the company's €165 million purchase of Breeo.

As crude oil headed for its biggest weekly gain in almost two months due to concerns over a hurricane in the Gulf of Mexico, Ryanair dropped 6 cents or 2.3 per cent to fall back to €2.59.

In the US, Dell reported very weak results as net income fell by 17 per cent in the second quarter, dragging down technology companies. Slowing consumer spending also led to a fall-off in US markets. By 11 am, the S&P 500 had fallen by 12.87 points, or 1 per cent, to 1,287.81, ending a three- day advance.

In London, the FTSE 100 brought one of its best weekly performances to a close by finishing up 0.6 per cent at 5,636.6, as good results from Bradford & Bingley saw banking stocks hold onto their gains. In Paris the CAC 40 was boosted by good results from Carrefour and PPR and it closed up 0.5 per cent. In Frankfurt the DA closed up 0.1 per cent.