Greencore and BofI big fallers on lacklustre day

Iseq: 2,995.83 (–15.98) Settlement date: February 11th

THE ISEQ index of Irish shares finished another lacklustre day fractionally in the red, losing half a per cent as equities across European markets fell in response to a rise in Chinese interest rates and an unexpected drop in Germany’s industrial output.

At home, one of the main fallers was Bank of Ireland, which confirmed after the close of markets on Monday that it was discussing with the Government a number of ways in which it could meet its capital requirement to raise €2.2 billion by a deadline of February 28th. The bank’s shares fell 3.5 per cent to 38 cent.

Pharmaceutical group Elan rose almost 2 per cent to €5.15 as it announced it had returned to operating profit for the first time in a decade on the back of its treatment for multiple sclerosis.

For no discernible reason there were sellers but not many buyers in Ryanair, which declined 1 per cent to €3.68, while building materials group CRH, the largest stock on the index, dropped 1 cent to €16.59.

Paper and packaging group Smurfit Kappa, which publishes its full-year results for 2010 today, ended the session up 2 cent at €9.10 on relatively small volume, with most Dublin stockbrokers expecting its figures to be broadly positive given recent results from its competitors.

Elsewhere, food group Greencore fell 2.8 per cent to €1.20, while Kerry declined the best part of 1 per cent to €25.18. Dealers attributed the latter’s decline to commentary by a peer, Swiss fragrances and flavours group Givaudan, on a spike in input costs and the margin pressures of agricultural inflation.

An update from the Dublin Port Company, which highlighted a 6.1 per cent rise in the volume of trade last year, was interpreted as a boost for ferry operator Irish Continental Group, although the stock was quiet yesterday.