Market trades lower as stocks lag

THE Dublin market traded lower as bank and airline stocks lagged. The ISEQ fell 30.70 points to 2,398.33.

The financials had a mixed day on weak trading volumes. AIB and Bank of Ireland gave up ground, losing 8.2c and 3.9c to 75.8c and 60.1c respectively. Irish Life and Permanent managed to make it onto the positive market movers list, adding 11c to €1.75.

As with the financials, construction could not decipher a definite trend, with CRH increasing 8.5c to €17.485, while Grafton Group and Kingspan shed ground, down 13c and 8c respectively to €2.595 and €3.55 respectively.

It was a bad day for airline stocks as Aer Lingus reported a 16% year-on-year drop in first-quarter revenue and a 6.5% fall in passenger numbers. The share price tumbled 13.1c to 56.1c, while a read-through from these figures saw Ryanair give up 18c to €3.12.


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