Market Report:The ISEQ was a poor performer in the wider European context yesterday, with the uplift recorded in London, Paris and Frankfurt nowhere to be seen in Dublin.
The market as a whole closed in slightly negative territory, driven in the main by renewed weakness in the financials. AIB dropped 12 cents to 12.12 while Bank of Ireland finished three cents weaker at 10.27. Dealers said investors were disappointed at Bank of Ireland's failure to step up its rolling buyback in the wake of last week's results.
Anglo Irish Bank had a better day as it climbed seven cents to a 10.00 close in advance of posting full-year numbers on Wednesday. Davy, the bank's broker, is expecting pre-tax profits to rise 24 per cent to 324 million.
Greencore, which will report full-year numbers on Tuesday, fell one cent to 3.21.
CRH closed higher for the first time in a week, rising one cent to 14.95 as investors looked to an apparent steadying in the euro/dollar exchange rate. Merrion Stockbrokers has reiterated a buy recommendation on the stock, setting a a six- to nine-month price target of 19.00 on the basis of its positioning for a cyclical recovery and potential for acquisitions.
Ryanair also went better, climbing six cents to €6.29 on volume of about one million shares.
Independent News & Media was busier, with some 2.5 million shares traded as Britain's Minister for Competition said he would sanction the sale of the two of the group's London titles to Newsquest. Shares rose two cents to 1.88.
Losers on the day included Barlo, which fell two cents to 36 cents on volume of about 400,000 shares. Bank of Ireland said it now owns 15.27 per cent of the company with its subsidiaries.
