Strong euro affecting share prices

The strengthening of the euro against the dollar is having an effect on Irish stocks.

The euro rose to an all-time high of $1.19 overnight raising concerns of increased charges to those companies with a significant US trade.

Exporters have been highlighting these concerns also. .

CRH, which has major contracts to build freeways across America, saw its share price plummet 20c to €15.40.

Earlier Rinker Group Ltd., the largest maker of cement blocks in the US announced their first-half results.

They reported a profit of A$232.8m ($165m), reflecting higher sales after its acquisition of Kiewit Materials Co.

The Viridian group saw its share price rocket 17c to €8.10 on the back of a strong set of interim results, well ahead of analysts’ expectations.

United Drug saw its price dip 4c to €2.33 ahead of next Tuesday’s full year 2004 results.

The financials saw Anglo-Irish down 13c to €9.85 while AIB was up 2c to €12.22.

Bank of Ireland dropped 5c to €10.30.

Paddy Power saw its price dip 2c to €6.55. Earlier the company had slammed a call by Horse Racing Ireland for the industry to be subvented by off-course betting tax.

Ryanair’s share price continues to head south after Michael O’Leary’s comments on the uncertainty surrounding the European Commission’s Charleroi stance. It closed at €6.25, down 10c.

Technology firm Iona was one of the biggest losers today after its share price fell 35c to €3.85 while the Kerry Group saw a 25c decline to €15.00