Market report:BANK OF IRELAND's half-year results set the tone yesterday. Overall the Iseq fell by 55.75 points, or 2.0 per cent, to drop back to 2,674.86 in a day of light trading volumes as the bank reported worse-than-expected profits.
Bank of Ireland's shares fell back by 11 cent, or 8.3 per cent, to € 1.21 while the decision to scrap its dividend led to a sell-off among dividend funds.
Irish Life Permanent also suffered yesterday, following its removal from the Dow Jones Global Select Dividend Index. It lost 21 cent, or 11.0 per cent, to close down at €1.70.
Anglo Irish Bank was also down on the day, giving up 22 cent, or 11.3 per cent, to finish at €1.73.
The out-performer among the banks yesterday was AIB, which gained 8 cent, or 2.8 per cent, to climb to €2.98 on the back of strong interest from a foreign buyer.
Outside of the financials, the big news yesterday was at Kerry Group, and its interim management statement (IMS) beat expectations leading to an upgrade at Davy Stockbrokers. Nevertheless, the stock finished the day flat, closing at €16.80.
In its IMS, Paddy Power held its full-year earnings guidance at €75 million, but a downgrade from Davy saw the stock lose 80 cent, or 6.2 per cent, to finish the day down at €12.20.
It was a better day for drinks group CC, as the market continues to respond to its new management team and one broker suggested that the bottom has now been reached for the stock.
It closed up by 1 cent, or 0.7 per cent, at €1.38.
Grafton Group added 6 cent, or 2.3 per cent, to climb to €2.65, while Ryanair also closed up yesterday on the day, gaining 3 cent, or 1.2 per cent, to advance to €2.90.
Settlement date: November 18th
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