Dublin report:The Irish market continued its downward spiral yesterday, slipping just 12 points but closing at its lowest level this year. Dealers blamed the financials for the majority of the decline, which saw the Iseq index of Irish shares again outperformed by European peers to end the day at 9,014.78.
Bank of Ireland was the biggest loser among the financials, falling 1.5 per cent, or 23 cent, to end the day at €14.70. Almost 4.2 million shares changed hands, although dealers said there was no particular news to prompt the drop.
Anglo Irish Bank and AIB fared slightly better, closing down just 10 cent and 3 cent respectively, at €14.45 and €20.02.
Irish Life & Permanent, meanwhile, bucked the trend, adding 2.4 per cent, or 45 cent, to end the day at €18.95.
Elsewhere, Elan put in a good performance, climbing 2.1 per cent, or 31 cent, to €14.95 after the drug maker said that, one year after its multiple sclerosis drug Tysabri returned to the market, it is being taken by about 14,000 patients.
Independent News & Media was also in the black, adding 2.7 per cent, or 9 cent, to close at €3.40. The company announced it had bought back another one million of its own shares at a total cost of €3.41 million.
CRH was again weak following its poor performance at the end of last week. Shares in the building materials group closed 1 per cent, or 35 cent, lower, at €34.55.
Paddy Power was also a loser, falling as much as 1.9 per cent before recovering some ground to close down 0.8 per cent, or 20 cent, at €23.80. Dealers attributed the drop to news that the company had lost about €1 million as a result of Pádraig Harrington's win at the British Open on Sunday.
