Iseq slides further as CRH dips on profit-taking

Iseq: 2,874.50 (–23.38) Settlement date: March 15th:SLOWING CHINESE export growth, a ratings cut for Spain and a concerns over Wednesday's Portuguese bond issue put European stocks under pressure and knocked another 20 points – 0.7 per cent – off the Iseq index of Irish shares yesterday.

Investors backed off equities after figures emerging showing that China’s trade balance ended February with a $3.7 billion deficit, while Moody’s cut Spain’s credit rating to Aa2 as oil price volatility continued in the face of trouble in Libya.

Profit-taking on a number of leading stocks, including CRH, and renewed fears about peripheral European countries, sparked by the 6 per cent interest that markets charged on this week’s Portuguese bond issue, further coloured the picture in Dublin.

As a result, the benchmark Iseq index of Irish shares closed 0.7 per cent down at 2,874.5.

CRH closed down almost 1 per cent at €15.305. Dealers said that this was largely a result of profit-taking and pointed out that the international building materials giant outperformed its sector generally.

Insulation specialist Kingspan suffered as sentiment towards its peers weakened. Its shares closed down 4.55 per cent at €6.30. Dealers suggested that investors’ concerns were overdone.

Greencore weakened following the advances it made earlier in the week after announcing that it would not make a new bid for Northern Foods. It was down almost 3 per cent at €1.165.

Packaging specialist Smurfit was weak all day and closed 1.71 per cent down at €8.60. About 600,000 of its shares were traded in Dublin.

Agri goods group Origin, which results showing strong operating profit growth and announced two acquisitions, was up 4.44 per cent at €4. Its biggest shareholder, Aryzta, is due to report next week.