ISEQ down despite bank share boost

AFTER showing moderate gains in early trading Dublin’s ISEQ share index began the week on the wrong foot by falling 1.26% — or nearly 30 points — to rest at just over 2,300 points.

Dublin-based international cement products and building materials giant CRH fell by 67c — or just under 4% — to €16.25, even though it was being linked yesterday to a new port in Co Wicklow.

While CRH was the heaviest faller yesterday, it was by no means unique in its downward movement. Tullow Oil had a rare off-day, falling by 23c to close at €8.48; Tralee-based food giant Kerry Group dipped by 2.52%, or 36c, to €13.90; and DCC was down by 29c at €12.36. Irish Continental Group (ICG) was a significant positive mover, however, given that the latest deadline for a takeover offer for the business is pending. The ferry and freight shipping group was up by as much as €1 to €14, yesterday.

Banking stocks had a mixed, but broadly strong, day with AIB powering up by 15c — or by 14.71% — to €1.17 and Bank of Ireland getting closer to the €1 mark by gaining 8c — nearly 10% — to 89c. Irish Life & Permanent (IL&P) was the only downward mover of the three big financial stocks, falling by nearly 3% — or 5c — to €1.69.

Elsewhere, the announcement of the resignation of Aer Lingus chief executive Dermot Mannion resulted in the airline’s share price rising by 5c yesterday, to 72c. Aer Lingus rival Ryanair, however, lost 2c to close the day at €2.98.

Despite gaining 20c earlier in the day, Paddy Power closed down 5c at €13.45 — even after a forecast good day on Saturday when most bookies’ rejoiced at the 100/1 horse winning the Aintree Grand National.

In European markets, the CAC in Paris was down by 1% to 2,930, while the DAX in Frankfurt fell by 0.8% to 4,350 points. London’s FTSE was down by 0.9% to 3,994, helped by a near 4% rise in banking giant, HSBCs share price.

Earlier, there had been a 1.2% rise to 8,858 points on Tokyo’s Nikkei index but the US markets opened slowly with the Dow Jones losing 55 points and the Nasdaq shedding 21.