Poor CRH results lower market

European markets displayed positive results overall yesterday.

The Iseq bucked the trend however, ending with construction leader CRH weighing heavily on the index after announcing disappointing trading results. The benchmark index of Irish shares closed 18.5 points lower at 3,961.58.

In the financial sector, bank stocks were mixed with AIB unchanged at 6.7c. Bank of Ireland added 0.1c to 18.4c while Permanent TSB Group Holdings declined by 0.2c to 3.5c. Insurer FBD Holdings gained 8c to €13.

In construction, CRH said that first-half EBITDA would be circa €400m, a decline on last year’s €523m. However, it expects the positive trends in the US to offset trading pressure in Europe during the second half. Shares in the company declined by 61c to €16.32.