ISEQ down in morning trading

The ISEQ fell by 13.45 points this morning to 5226.62.

Main movers included CRH, down three to €18.20 and Grafton Group, up four cent to €6.80.

Meanwhile, shares in building materials group Kingspan fell by a cent to €4.83, despite an announcement of some positive news by the company.

A US court has upheld an arbitration award of $40.7m (€33.2m) made to Kingspan last year in relation to the company's purchase of a flooring company.

Kingspan paid $120m (€97.8m) January 2001 for Tate Access Floors, but then found that key contracts did not materialise.

A bullish statement by Ryanair that no surcharges would be passed to passengers as a result of rising oil prices pushed company stock up two cent to €4.27. The statement came after a decision by British Airways to more than double its fuel surcharge for long-haul passengers after seeing oil prices continue to soar.