C&C falls 3% as World Cup bounce fails to materialise

DUBLIN REPORT: Iseq: 2,963.62 (+0.28) Settlement date: August 10thTHE BIG news on the Irish Stock Exchange yesterday came from drinks group C&C, as the stock fell by 3.2 per cent following the release of its trading update.

Despite expectations that the firm would receive a bounce from the World Cup and good weather this summer, its trading statement was largely flat. The stock fell, losing 11 cent to close down at €3.17.

Elsewhere the market was largely stable, with the Iseq adding 4.21 points, or 0.14 per cent, to close at 2,967.55, ahead of markets around Europe.

Market driver CRH was off slightly, down by just 0.2 per cent at € 16.30, but food group Kerry traded at an all time-high of over €25 yesterday, although it closed just off it, at € 24.90, up by five cent, or 0.2 per cent, on the day.

It was another positive day for Paddy Power, which has been “ridiculously strong” of late, according to one Dublin broker. It closed up slightly, by eight cent, or 0.3 per cent, at € 27.87, following positive results from British bookmaker Ladbrokes.

After a tough day on Wednesday, AIB was largely steady yesterday, and it advanced slightly, by 0.4 per cent, to finish up at € 0.94.

The other banks both put in good performances. Strong demand for Bank of Ireland resulted in a 3 per cent, or three cent, gain on the day as the stock finished at €0.87. Irish Life Permanent added two cent to climb to € 1.84

Ryanair started strongly but had a bit of a wobble late in the day, before closing near to its highs of the day at € 3.95, down by 0.1 per cent.

Elan was very strong, gaining 18 cent, or 4.8 per cent, to end at €3.98, while DCC was also a climber. It added 23 cent, or 1.2 per cent, to finish the day up at €19.25.

Although Smurfit Kappa was up for most of the day, a sell-off close to the end saw the stock finish up down by nine cent, or 1.1 per cent, at € 8.06.