Market bucks the upward trend

European markets hit a five-year high yesterday as expectations of monetary stimulus from the European Central Bank drove markets higher.

The Iseq dipped slightly, however, closing down 27.11 points at 4,365.32.

In the financial sector AIB and Bank of Ireland gained, the former adding 0.6c to 10.2c, the latter 1c better at 26.6c. Permanent TSB fell 0.3c to 4.1c, while insurance group FBD Holdings advanced 20c to €15.70.

In the construction sector, CRH increased 57c to €18.30, while Kingspan lost 2c to €12.58.

In other news, Ryanair delivered second-quarter results largely in line with forecasts. It guided for very weak yields in the second half and shares closed down 77c at €5.33.