Investors switch as Abbey profits fall 9.3%

SHARES in house builder Abbey fell yesterday as investors switched to rival McInerney, after Abbey posted a 9.3% fall in profits for the six months to the end of October.

The €2.69 million fall in profits to €26.12m was mirrored on the Irish Stock Exchange, with Abbey shares falling by more than 6% by mid-morning, but rallying before close of business to end 43 cents down, a 5.28% fall to €7.72.

After Dolmen Securities analyst Stuart Draper recommended clients to switch out of Abbey and into McInerney Holdings, the Abbey rival’s shares fell initially, rose in the middle of the day, but fell by the close to €6.82, down 3 cents, a 0.44% fall.