ISEQ has calmer day but still stacks up more losses

DUBLIN’s ISEQ index had a rare calm day’s trading yesterday — albeit not calm enough to avoid another day of losses.

However, the day’s 1.78% decline to just over 2,520 points was one of its better performances in recent weeks. The likes of Kerry Group and insulation product specialist, Kingspan were high profile climbers. Kerry was up by 4.26% — or 75c — at €18.35, while Kingspan gained 10c to finish the day at €4.55 per share.

Kingspan was totally unaffected by a trading update from Persimmon — the largest house building business in the British market — saying that it is now budgeting for a 10% fall in house prices in Britain. However, Dublin-based house building group, McInerney Holdings fell by more than 20% to 23c on the outlook.

Elsewhere, Ryanair fell by another 14c — following its 16c loss on Monday — to €2.35. The backbone of the Irish market — the financial stocks — had a mixed day. AIB’s share price actually rose, albeit by 2c, to €3.17. Bank of Ireland, on the other hand, fell by 2c to close at €1.36. Anglo Irish Bank had another bad day. Monday’s 23% fall was followed by another near 20% — or 28c — slide to €1.13. Irish Life & Permanent (IL&P) saw strong losses in early trading, before closing down by 5c — or 3.29% — at €1.47. On Monday, IL&P fell by nearly 30% to €1.52.

Recoveries were also seen overseas. Asian markets bounced back, Hong Kong clawing back 14.4% and Japan’s Nikkei Index gaining 6.4%. There were also gains in Shanghai and Seoul.

Following it hitting a five-year low on Monday, London’s FTSE 100 jumped back up by nearly 2%. Germany’s DAX ended a five-day losing run to bounce back up 11% and the CAC 40 was up by 1.5%.


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