The Irish market ended weaker yesterday on a day when a number of companies announced good results.
The market losses reflected a downturn in London mainly due to the £1.2 billion (€1.75 billion) share placing of Royal Bank of Scotland shares by Spain's Santander Central Hispano bank. The sale, equal to about half of its interest in RBOS, overshadowed the markets and triggered a sell-off of some Irish banks as investors mopped up the stock.
AIB shares shed 8 cents to end at 13.25 while Bank of Ireland was down 7 cents at €11.30. Dealers reported reasonable volumes of two-way dealing in both banks. Anglo Irish Bank, which has enjoyed a recent strong run, ended at €14.35, down 19 cents while Irish Life and Permanent gained ground, closing 15 cents higher at €12.55.
CRH had a bit of a run during the session although the stock edged lower towards the end and closed 6 cents weaker at €19.35.
Ryanair was also attracting investor interest with nearly three million shares traded with good interest reported at the €4.25 level. The stock ended 8 cents lower at €4.23. The airline will report key second-quarter results in November.
McInerneys posted strong interim figures bringing in profits well ahead of market expectations. The stock closed unchanged at €5.90.
Irish Continental Group also pleased investors showing good earnings growth despite higher fuel costs.
The shares gained 34 cents to €9.90, with some dealers suggesting they could have made further progress if fuel costs didn't remain a concern going forward.
CPL also brought in better than expected figures which contributed to a 5 cent rise in its share price to €1.23.
Qualceram posted stronger profits and announced the reintroduction of an interim dividend of 2 cents per share. It shares ended 10 cents higher at €2. Eircom gained one cent to end at €1.48.
Settlement Day:
