SHARES in builders’ merchanting group Grafton dropped by nearly 8.7% yesterday on the back of the company saying that recovery in its key markets remains slow.

TOTAL remuneration outlay at building materials/ DIY group Grafton fell by €700,000 last year, according to the company’s latest annual report.

GRAFTON Group, the largest builders merchants in Ireland, saw a 31% fall in first-half sales to €990 million reflecting the deepening recession in construction.

AROUND €140 million was wiped off the value of the Grafton group yesterday as its shares tumbled 7% after a major British rival warned of a slowdown in the building materials market.

The ISEQ index of Irish shares was down 48.72 points to close at 5179.62 today.