Aer Lingus a top performer as Iseq ends week in red

DUBLIN REPORT: Iseq: 3,098.04 (-12.81) Settlement date: January 20thTHE DUBLIN market ended the week in the red in line with European markets, which all drifted lower in afternoon trading on the back of falls on Wall Street, as results from JP Morgan disappointed the market despite bumper profits.

The Iseq managed to slightly outperform its European peers, however, closing down a half a per cent.

Financials were in positive territory for most of the day, albeit on low volumes. Bank of Ireland rose 1.5 per cent to end at €1.52. AIB fell off at the end of the session to close just over a half a per cent lower at €1.48.

Although Irish Life and Permanent did not see the level of gains enjoyed earlier in the week, its closing price of just under €3.93 brought to the end a very strong week for the stock.

Aer Lingus was one of the best performers yesterday, gaining 6.2 per cent to end at 73 cents, as the market responded positively to the news that the airline’s pilots had accepted a cost-savings package. Rival airline Ryanair – which is also a 29 per cent shareholder in the former State carrier – did not fare so well, finishing slightly lower at €3.39.

Drinks group C&C fell just under 1 per cent to end the session at €2.78, following an interim management statement in which the company said conditions in the cider market remained “challenging” and that revenue in the three months to November 30th, 2009 fell 9 per cent compared to the same period in 2008.

Index heavyweight CRH lost 1.3 per cent – a fall of 24 cents to end the session at €18.05, with one trader pointing out that last week’s trading statement continued to affect investor sentiment.

Food and ingredients company Kerry Group bucked the overall trend of the index, adding 1 per cent to end the session at €22.00, a gain of 24 cents.