Iseq bucks European upward trend

European markets were almost universally in positive territory yesterday.

The Iseq index bucked the continental trend by shedding 31.48 points, or 1%, to finish at 3,192.93.

Irish financials had a quiet day as all three listed Irish banks closed unchanged. AIB remained at 5.1c, Bank of Ireland was at 9.6c, and Irish Life & Permanent finished the day at 2.3c. Irish insurer FBD Holdings was 5c worse off at €8.45.

The construction sector was the main talking point of the day as market heavyweight CRH announced first half 2012 results. The figures for the period were broadly as per management’s guidance in May. However, guidance for the second half of 2012 disappointed the market. Like-for-like sales are expected to fall 5% in the second half as a result of significant headwinds in Europe. The share price fell 83c to €14.68. Kingspan followed suit, losing 19c to €7.06, while Grafton Group gained of 6c to finish at €3.04.

In other news, natural resource company Providence Resources lost 50c to €7.50.


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