DUBLIN REPORT:PESSIMISM RAMPAGED through the Irish stock market yesterday, as the Iseq index of global shares sank under the weight of record high oil prices of $111 per barrel of US crude oil and a dollar that weakened ominously to a 12-year low, writes Laura Slattery.
The Iseq almost sank below the 6,000 mark at one point during the afternoon and a recovery before the close of trading was not enough to prevent the Dublin market from ending the day down 3 per cent, with €2.2 billion disappearing from the value of the listed companies.
The Irish market was hit worse than the major European indices, with the leading stocks all dropping like stones.
Building materials group CRH, which announced a €348 million acquisition of a US concrete paving group, fell 3.6 per cent to €23.64.
Among the financials, Anglo Irish Bank shed almost 5 per cent to finish at €8.35 on a day when all of the banks lost some ground.
Among the heaviest fallers on the day was Ryanair, which dropped 7 per cent as oil prices continued their seven-day surge, and Greencore, which also tumbled 7 per cent.
After making gains on Wednesday thanks to a relative let off on cider duty in the British budget, C&C, which owns the Magners cider brand, couldn't sustain its fizz, and its share price slumped by 5.4 per cent, down to €3.95.
With very few favourites winning at the Cheltenham racing festival, it was left to betting group Paddy Power to come in first past the post on the Iseq.
The bookmaker gained more than 4 per cent to €24.10 following results that were favourable to its bottom line but unfavourable to punters.
On a day with few winners, IAWS and DCC also ended the day in positive territory.
