Irish slip follows European trend

The Irish market followed many of its European peers slightly lower yesterday, losing 4.57 points to finish at 3,213.38.

Earnings season continued at pace in the US with most companies reporting numbers in-line with or ahead of expectations. This positive sentiment was slightly tempered by US jobless claims figures rising for a third week running.

Irish financials were mixed as AIB gained 0.4c to 7.4c while Bank of Ireland was down 0.1c to 11.1c. Irish Life and Permanent moved on 0.2c or 6% to 3.4c as reports emerged that Permanent TSB may be split into core and non-core activities, thus allowing the core business to begin lending again.

In the construction sector, CRH finished the day off down 13c at €14.995 as clarity surrounding long-term highway spending in the US remained elusive. Kingspan followed suit, dropping 1.8c to €7.702, Grafton Group on the other hand bucked the trend, moving on 4.4c to €3.284.

Elsewhere, Petroceltic climbed 43% or 3c to close at 10c. The company released 2011 full-year results before trading and, as expected, the focus was orientated towards development potential rather than operational detail.