Stocks lose ground as profit-taking hits financials

DUBLIN MARKET:  The market was generally weak yesterday, with stocks losing ground across the board

DUBLIN MARKET: The market was generally weak yesterday, with stocks losing ground across the board.The financials all fell victim to profit-taking, with Irish Life and Permanent the worst hit. Shares in the firm dropped by 17 cents to €14.00.

Volume was a touch heavier elsewhere in the sector, with Bank of Ireland the busiest stock as 1.8 million shares traded. The bank lost 10 cents to close at €12.40. AIB was down 12 cents at €15.33 as the session ended.

Anglo Irish gained no benefit from an upbeat a.g.m. statement as it fell by three cents to €18.92.

Dealers said the weakness in the sector may have been a side-effect of Thursday's Royal Bank of Scotland placing, which may have required some investors to exit other holdings in the sector.

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IAWS also lost some of its recent strength, again despite a positive a.g.m. trading update. The stock fell by 20 cents to €12.15.

Ryanair had a volatile day in advance of Monday's results, touching a high of €6.10 before coming back to close at €5.88, down 12 cents on the day. The market is expecting Monday to bring some positive news on yields.

Jurys Doyle slipped back by 13 cents to €12.97 on reasonably light volume. NCB has cut its recommendation on the stock to reflect its 25 per cent jump over the past three months.

Waterford Wedgwood gained 5 per cent but failed to break through the 7 cents mark as it moved to compulsorily acquire shares from the Royal Doulton shareholders who did not accept its offer for the company.

CRH had a poor day, despite encouraging comments on trading from a peer company. Shares in the market heavyweight fell by 19 cents to close at €20.55.

Elan ended at €20.40, down 18 cents, in Dublin and was slightly weaker in afternoon trade in the US. The firm priced its Prialt pain medicine on Thursday on the basis that the "average" patient would spend $18,000 (€13,800) on the drug in a year. Dublin ReportSettlement Date: February 2nd

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.