Shares fall despite Spanish bailout
Saturday, July 21, 2012
The Iseq Index fell 32.10 points yesterday to close at 3,206.00.
The German parliament approved a €100bn Spanish bank bailout on Thursday and EU finance ministers formally accepted a memorandum of understanding with Spain yesterday. European shares dropped and Spain’s borrowing costs remained around the 7% level.
In the financial sector, Bank of Ireland slipped 0.2c to 9.4c. AIB dipped 0.2c to 5.1c. Permanent TSB were unchanged at 2.2c, while insurance group FBD Holdings fell 1c to 7.90. In the construction sector, CRH decreased 19c to 15.16. Grafton dropped 4.5c to 2.80, while Kingspan gained 4.7c to 6.805.
In other news, DCC has released a Q1 IMS covering the three months to June end. Management noted that the group traded ahead of budget overall for the period and that it remains on track to deliver the previously guided 20% growth in operating profits on a reported basis for FY13. Shares in DCC closed up 28c at 19.82.