Strong euro affecting share prices

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

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

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