DUBLIN REPORT: Iseq:2,429.03 (+8.04) Settlement date:April 30th
FEARS THAT swine flu may continue to spread created considerable turbulence on global stock markets yesterday, and the Irish market was not immune.
Not surprisingly, the airline industry was hardest hit on the day.
Former State carrier Aer Linguslost 5.21 per cent to close just below €0.70, while Ryanairwas down 4.35 per cent at €3.30.
Brokers expect that if more bad news on the swine flu outbreak emerges this week it will continue to have a negative impact on markets.
“With the market up sharply since March, the disease may cause further selling should it continue to spread,” Bloxham Stockbrokers said in a morning note yesterday.
“SARS deeply impacted regional economies, particularly in Asia, in 2003.”
Despite the downward drag of the airlines, the Iseq closed more or less flat on the day, with the index’s largest component CRH coming to the rescue once again.
The cement giant traded up 58 cent, or 3.45 per cent, to finish at €17.40.
However, when CRHis stripped out the rest of the market was fairly weak.
AIBdrifted down by 1.64 per cent – just over a cent – to €0.84, while Bank of Irelandshed 2 cent to €0.64.
Food stocks also sold off, with Glanbiaand Kerry Groupboth down about 3 per cent at €2.28 and €14.40 respectively.
Cider manufacturer C&C, which has enjoyed a good run of late, was marked down by 1 cent to €1.70, which brokers attributed to profit-taking.
Independent News & Media,which is due to release its results on Thursday, was off a little in early trade but finished at a daily high of €0.27, a gain of 4.25 per cent.
