Losses widespread as market fails to build on rally

Market Report: The market failed to build on Tuesday's rally yesterday, slipping by 0.8 per cent in fairly heavy trade.

The losses were spread across all sectors, although the banks fared a little better than most. This didn't mean positive returns, however, with AIB falling by 18 cent to €18.12 and Bank of Ireland declining by 10 cent to €14.15.

Anglo Irish Bank shed 16 cent to finish at €11.92, while Irish Life & Permanent fell by three to €18.78.

Elan had a poor day, losing 32 cent, or 2.3 per cent, to close at €13.43. An update on progress should come at today's agm.

Elsewhere, most stocks limited their losses to less than 2 per cent.

Eircom was an exception as it too fell by 2.3 per cent, closing at €2.15. The main driver here was the firm's move ex-dividend by 5.2 cent.

DCC also went ex-dividend, with a payout of 27.31 cent due. Shares were solid against this backdrop, finishing two cent weaker at €18.08.

Grafton shed seven cent to end the session at €9.86 after results from UK DIY giants Kingfisher and Homebase did little to calm nerves over conditions in that market.

Kingspan lost five cent to close at €12.85, despite expectations of a positive trading update at today's agm.

CRH struggled a little more, falling by 55 cent to €25.60.

C&C, one of the best performers against the shaky market backdrop of recent weeks, came under some pressure early in the day, losing 10 cent.

Shares recovered as the session progressed, however, closing unchanged at €6.20. Market data on sales of the company's long-necked drinks had been expected yesterday, but this is now likely to be delayed until next week.

Kerry provided one of the few positive closes on the day, with shares moving up by 35 cent to €17.60 after recent declines. Moral support came from share purchases by three directors.