CRH, Grafton decline in light trading session

DUBLIN REPORT: Iseq: 2,865.83 (–4.01) Settlement date: January 11thA SLOW day's trade with weak performances from leading stocks left the Dublin market slightly down yesterday.

Traders said business was very quiet, and pointed out that activity on European markets was muted.

Dublin’s biggest stock, building materials giant, CRH, slid further following a sharp drop on Wednesday.

The group, which accounts for close to 30 per cent of the Iseq index of Irish shares, closed 1.24 per cent down at €14.39.

Dealers said that generally poor sentiment towards its sector has hit CRH, which has businesses in Europe and the US, where debt and economic problems mean that there could be further cuts in the building industry over the coming year.

Just over one million shares in the group were traded in Dublin. Traders said that those volumes were light compared to the norm.

Life assurer and retail bank, Irish Life Permanent, also slipped for the second day running. It traded up in the mid nineties before dropping back to close 6 per cent down at 93 cent,

Builders merchant and DIY specialist, Grafton, which is due to release a trading statement today, fell 0.54 per cent to €3.302.

There was some activity in industrial holding company, DCC, whose fuel sales and electronics distribution businesses are thought to have performed well over the Christmas period. However, the stock closed down slightly at €23.50.

Pharmaceutical developer Elan had its second good day in a row, jumping 5.7 per cent to close at €5. Dealers said that many in the market believe that the day when the Alzheimer’s treatment developer will be taken over is likely to come sooner rather than later.

Packaging group, Smurfit, ended its recent good run with a flat performance, closing 0.22 per cent down at €7.653.