Dollar decline hits CRH

CONSTRUCTION giant CRH got a wake up call yesterday when its British broker Merrill Lynch downgraded the stock to a hold. Its share price fell 58c on the day to 11.85.

By December the group's market value was boosted by a 15% spike in its share price, in what analysts said was a good month for the building materials sector.

Last year the shares peaked at 20.40 but the CRH shares are a long way from that at this stage. Its British broker, downgraded their rating on the company to neutral from buy yesterday morning. "Given the broker's close relationship with the company and a share price of below 13, this is a highly negative development," said Peter Jackson of Bloxham Stockbrokers.