CRH loses ground as market fails to sustain rally

Iseq:2,892.23 (–15.86) Settlement date:July 19th AFTER RESURGING somewhat on Wednesday, the Iseq resumed its familiar pattern of late closing down more than ½ per cent at 2,892.33.

The pattern was replicated across the globe with equity markets continuing to flounder as the euro zone debt crisis showed no sign of abating.

All the main European indices finished lower with London’s FTSE shedding 1 per cent, the Frankfurt Dax falling 0.7 per cent and the Cac in Paris dropping 1.1 per cent, though analysts noted that any further negative developments in Europe may have been already priced into the market.

While macro economic concerns continued to dictate the domestic market, there was some stock-specific activity on the Iseq.

Two of the Iseq’s biggest names, CRH and Ryanair, were among the most actively traded, though CRH lost close to 1.5 per cent as more negative construction figures continued to emanate from the US.

Ryanair finished the day fractionally higher, though fellow airline stock Aer Lingus performed better in percentage terms, advancing close to 3 per cent to €0.70.

Mobile services provider Zamano doubled the value of its share price to €0.04, after it said it expects revenues to return to growth in the fourth quarter.

Greencore was actively traded, though it reversed Wednesday’s significant gains to shed 3 per cent to €0.97, as investors took stock of its announcement this week that it is to acquire Uniq.

DCC was down slightly ahead of the company’s agm and trading update today.

On the bond markets, yields on euro zone peripheral economies continued to soar. Italian 10-year yields climbed nine basis points to 5.63 per cent, while yields on Irish 10-year Government bonds rose as high as 14.13 per cent before slipping to 13.95 per cent.