Irish stocks fail to rally in late European comeback

Iseq: 2,924.05 (–1.90) Settlement date: March 11th:FEARS THAT interest rate and energy price rises could slow any recovery depressed European markets yesterday, but Irish stocks suffered more than most, failing to cash in as equities made a comeback towards the end of the day.

The market trailed its peers for most of the day and, while it showed some signs of a late rally, it failed to catch up with the rest of Europe.

Dealers suggested the Irish market may have been weaker than others across Europe as, despite the fact that it is in the middle of its full-year reporting season, there was no substantial corporate news from Dublin yesterday to provide investors with a focus.

The Iseq’s leading stock, international building materials group CRH, dipped to €15.725 at one stage and traded off its opening quote of €15.85 for most the day before bouncing back in the last half-hour of business to record a jump of 0.7571 per cent and a closing price of €15.97.

Builders’ merchant and DIY specialist Grafton was strong for much of the day, rising by more than 2 per cent at one stage before falling back to close 0.4624 per cent up at €3.476.

Low-cost airline Ryanair fell 1.02 per cent to €3.39. Dealers said the company was suffering fallout from generally weak sentiment towards its sector which stems from the recent sharp increases in oil prices.

Its smaller rival Aer Lingus, in which Ryanair holds a stake, fell more sharply, closing 1.75 per cent down at 84 cent.

Packaging specialist Smurfit Kappa dipped slightly 0.44 per cent to €8.761.

Consumer foods and ingredients group Kerry, which has had a good run since the beginning of last month, fell 1.13 per cent to close at €27.19. Also in the food sector, Glanbia closed 1.83 per cent down at €4.30.