Market report:The Irish market finished off the week with another dip yesterday, losing 2 per cent, or €2 billion, and yet again underperforming its peers. Over the course of the week the Iseq index of Irish shares lost €5.6 billion.
The main losers yesterday were the banks, though there was no sector-specific news to prompt the falls. One dealer said that Ireland was very much out of favour at the moment and that encouraging anyone to buy into the market was proving difficult.
AIB was hardest hit, falling 3 per cent, or 53 cent, to end the day at €17.15. Over the course of the week, more than €1 billion has been wiped off the bank's market value.
Things weren't much better for Bank of Ireland, which saw more than 4.1 million shares change hands as the stock closed 2.8 per cent, or 37 cent lower, at €12.75. It too has lost more than €1 billion since the close of trading last Friday.
The other financials weren't immune, with Anglo falling 2.1 per cent, or 27 cent, to end the day at €12.90, and Irish Life and Permanent dropping 3.5 per cent, or 58 cent, to €16.09.
Building materials group CRH continued its slippage, falling another 3.7 per cent, or €1.05, to close at €27.70. Dealers said the company was being hurt by overseas brokers downgrading the sector.
Elsewhere, Independent News and Media had another bad day, losing 3.2 per cent, or nine cent, to close at €2.76.
It announced a continuation of its share buyback, spending at least €1.4 million on another 500,000 units.
There was very little good news in the market though Paddy Power managed to climb 10 cent, to €25.35 despite British gaming group Rank warning its profits would be "significantly" below those of last year.
