Iseq closes week in the red

The Dublin market ended the week in the red in line with the European trend, as markets retreated for a third day.

The slump comes on the back of figures from the US which showed that consumer confidence had fallen more than forecast and results from Bank of America and Citigroup missed analysts' estimates.

The ISEQ lost 1.2 per cent to close at 2,855.52, driven down by a sell-off in CRH. The building stock, the largest constituent on the ISEQ, shed 3.5 per cent, or 56 cents, to close at €15.49.

Banks had a mixed day. AIB surprised analysts, gaining 3.5 per cent to €0.88, though volumes were light. Irish Life and Permanent also finished slightly higher, closing up 0.7 per cent at €1.59.

Their performance bucked the European trend which saw a sell off in bank shares across the continent. On the day that Bank of Ireland announced it is to shed up to 750 jobs over the next two years, the bank dipped by 2.5 per cent closing at €0.69, on slightly heavier volumes.

DCC was fairly flat on the day, although it edged up slightly higher to close up 7 cents or 0.4 per cent at €18.44 after the group said its business was 'modestly' ahead of expectations in the first three months of its financial year.

Airline stocks had a good day. Aer Lingus climbed 2.4 per cent to close at €0.85 while Ryanair gained just under 1 per cent after the low-cost airline published positive passenger numbers for July. It closed at €3.82.

Biotech company Elan shed 2.3 per cent, or 9 cent, to €3.85, after it emerged that the company is to face a fine of $200 million in the US over the marketing of one of its drugs.

Elsewhere, Greencore finished the day pretty much flat at €1.32, following the announcement that it is to sell its Dutch convenience food business in line with its strategy of focusing on its US and UK businesses.