Iseq down but outperforms other bourses across Europe

DUBLIN REPORT: Iseq: 2,951.30 (-73.96) Settlement date: February 9thFEARS OVER the stability of sovereign debt in southern Europe states fed into equity markets yesterday, manifesting itself in falling markets across Europe. The Irish market, on the other hand, while still down managed to out-perform its European peers, dropping by just 73.95 points, or 2.4 per cent, to close the day down at 2,951.30.

It was another tough day for banks across Europe, and Irish financials were on trend, having taken a knock early in the day with National Irish Bank’s poor results. All three of the main financial stocks were down by the same amount – 9 cent – by the end of the day, with Bank of Ireland closing down 6.9 per cent to finish at €1.22, AIB also down 6.9 per cent to close at € 1.15, and Irish Life Permanent dropping by 3 per cent to finish at € 3.01.

Fyffes was a star performer on the day, one of the few stocks to advance. It gained 2 cent, or 4.6 per cent, to finish up at € 0.46, while DCC held steady, dropping just 16 cent, or 0.8 per cent, to end the day at € 19.92.

CRH confounded brokers to end the day as one of the better performers, despite poor performances across the sector in Europe. It lost just 26 cent, or 1.5 per cent, to finish the day at € 17.40. Conversely, it was a poor day for Grafton, which was more in line with its peers, as it gave up 18 cent, to close down by 6.4 per cent at € 2.56.

Following its results earlier in the week, Ryanair held up well, losing just 6 cent, or 1.7 per cent, to finish down at € 3.46.

Recruitment firm CPL also continued its strong performance, adding 9 cent, to advance by 6.9 per cent to € 1.22.

Smurfit, which had been performing well, struggled, with brokers suggesting its high level of debt may be affecting its share price. It closed down at € 6.67, giving up 27 cent, or 3.9 per cent.