DUBLIN REPORT: Iseq: 3,252.80 (-25.59) Settlement date: October 27thTHERE WAS a soft finish to the Irish stock market yesterday after a topsy-turvy trading session. The morning trade's bright start was eroded by a nervy spell in which markets sank, while a spike in share prices after the US markets opened provided some respite.
With the major European markets all finishing slightly up, the Iseq finished slightly down, with one dealer suggesting that investors were “buying things they don’t really believe in” as they wait for markets to get better.
Building materials group CRH, the largest component stock on the index, attracted two-way trading at relatively decent volumes and it closed down 5 cent at €19.35.
On a day when US investment bank Morgan Stanley returned to profit and retail bank Wells Fargo made a record quarterly profit, banks in Europe received an uplift, but it was not enough to bring the Irish banks into positive territory.
AIB fell 1.4 per cent to €2.67, while Bank of Ireland fell 2.3 per cent to €2.72. However, Irish Life Permanent managed to climb 2.3 per cent to €5.75.
Elan’s share price had been shedding cents coming into yesterday’s third-quarter results, which were described by Goodbody Stockbrokers as “solid”. The stock rose in the morning, but lost ground and eventually finished down 2 per cent at €4.40.
There was significant interest in Greencore, which rose 1.2 per cent to €1.27, with UK fund manager Artemis now holding more than 4 per cent of the stock.
It was a volatile day for insulation group Kingspan, eventually settling at a closing price of €6.10, down 1.6 per cent.
Ryanair was a little weaker in trading yesterday and it closed down slightly at €3.37. Aer Lingus was one of the main fallers, after former chief executive Willie Walsh suggested it could no longer survive on its own.
