Market has sluggish start to week

The Iseq Index began the week in negative territory after a sluggish start with little to excite investors.

The first session of the week finished down 16.2 points to 3,224.4.

Financial stocks were mainly stronger with Bank of Ireland ahead by 0.1c at 9.6c and AIB unchanged at 5.1c. Permanent TSB Group was also a riser adding 0.2c to 2.3c on the day. Meanwhile, insurance group FBD Holdings advanced 10c to €8.50.

In construction, CRH declined by 38c to €15.51 ahead of the release of its interim results for the six months to the end of June. Kingspan, by contrast, climbed 16.6c to €7.25 after announcing two acquisitions on Friday — ThyssenKrup Constuction Group and Rigidal Industries for circa €95m. Grafton was flat at €2.98.

Elsewhere, pharmaceutical company Elan announced its intention to spin off the Discovery Science and Neotape Biosciences divisions, thus creating two independent public companies. Shares in the company strengthened by 44.6c to €9.50.


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