Weaker CRH and Ryanair help to drag Iseq down

DUBLIN REPORT: Iseq:2,940.03 (+7.36) Settlement date:March 6th

DUBLIN’S ISEQ underperformed relative to other European markets yesterday finishing fractionally lower, with falls by index heavyweights Ryanair and CRH to a lesser extent dragging down the index.

The results season continued yesterday with 2009 results from Irish Life & Permanent, which posted an operating loss, before impairments of goodwill and tax, of €196 million for last year.

There were few surprises, traders noted, and the stock finished pretty much flat. However, volumes were extremely low – just above the stock’s three month average – a very disappointing performance on results day, according to one trader.

Overall, institutional investors continued to show little interest in Irish financials according to analysts. Bank of Irelandsaw slightly more activity than other financials, although it finished just under 1.7 per cent lower at €1. AIBgained just under 2 per cent on the day, on light volumes.

Passenger statistics from Ryanairyesterday disappointed and the budget airline's share price fell 2.5 per cent to €3.52. CRHalso failed to gain any ground after finishing slightly lower on Tuesday on the back of disappointing results. It closed 3 cents lower at €16.82.

FBD Holdingswas pretty much flat on the day after reporting full-year operating profits of €28.9 million compared to €65.8 million in 2008.

Total Producewas one of the most traded stocks on the exchange in anticipation of its 2009 results which are out this morning.

Grafton, who are also due to report today, finished flat on the day at €2.45.

Kerry Groupput in a very strong performance, reaching new highs of over €24.40 and gaining 3 per cent on the day to close at €24.48.