Slight drop by Iseq reverses previous session's rally

DUBLIN REPORT: Iseq: 2,744.97 (-15.76) Settlement Date: September 7thDUBLIN UNDERPERFORMED yesterday in comparison with its European peers, which all ended the day pretty much flat. The Dublin market finished the day a half a per cent lower, reversing the previous session's rally, which saw almost all stocks enjoy gains.

Things resumed a familiar pattern. The two main financial stocks finished the day in negative territory. Bank of Ireland, which was by far the most traded stock, continued its downward trend, shedding 3 per cent to close at just under 74 cents.

AIB was also weak, reversing Wednesday’s gains by losing 2.5 per cent to 76 cents.

Irish Life & Permanent continued to find favour with the market, on the back of continuing speculation about its role in a possible third banking force continued as the future of the EBS enters a critical phase.

IL&P remained in positive territory for much of the session, adding a half a per cent on the day to finish at €1.56.

Elsewhere, Total Produce lost 1.4 per cent on the day to 34 cents, despite positing a solid set of first-half results which showed that pre-tax profits rose by 5.5 per cent to €21.7 million in the first six months of the year, up from €20.6 million a year earlier.

Fruit distributor Fyffes, from which Total Produce was spun out in 2006, closed 3 per cent lower, ahead of its interim results.

Packaging company Smurfit Kappa continued its positive run of late, adding 2.7 per cent on the day to close at €7.40, having hit highs of €7.65 during the day.

Meanwhile CRH, the largest constituent on the index, which gained 47 cents in the previous session as it tries to leave the €12 mark behind it, spent most of yesterday in negative territory. It managed to add a more modest 3.5 cents on the day to close at €12.78, a gain of just under 3 per cent.