Market recovers after early losses

THE Irish market recovered in afternoon trading yesterday to record a 15.14 point loss and finish at 3,059.84. This come after heavier falls in early trading pushed mainly by a worse-than-expected interim statement from AIB.

A mixed day for the financial stocks saw AIB add 6c to €4.30 in late trading despite announcing a cut in EPS to 120c, analysts had been expecting a figure of around 170c. Irish Life and Permanent shed 5c to €2.35 while Bank of Ireland and Anglo-Irish managed to add on 4c and 36c to €2.33 and €2.56.

Construction stocks were equally mixed, CRH and Grafton both added 1c to €17.76 and €2.53. Kingspan on shipped 45c to €4.55.