Market Report:The Irish market continued on its rocky path yesterday, wiping out the 1 per cent gain it made on Wednesday and closing down 1.3 per cent at 7,879.19.
The individual stocks put in a mixed performance, with the financials and CRH feeling most pressure. Dealers said the building materials group has suffered lately as a result of its exposure to the US housing market. Its shares yesterday fell a further 1.8 per cent, or 49 cent, to €26.40. They have dropped 14 per cent in the last nine trading days.
Smurfit Kappa was also a loser after its Finnish peer Stora Enso issued a profit warning, citing high raw material costs and the weak US dollar.
Shares in Smurfit fell 5.1 per cent, or 75 cent, to €14.
Merrion also cut its forecast for Smurfit's full-year earnings by 5.5 per cent, citing higher fibre and energy costs, the weaker dollar and the unlikelihood of an increase in virgin containerboard prices.
Elsewhere, Qualceram Shires fell 19 per cent after the bathroom suite maker said full-year pretax profit will be 38 per cent below last year as a result of the slowdown in the Irish housing market. The shares closed down 25 cent, at €1.05, though volume was light.
Drinks group C&C was one of the few gainers as the company continued to benefit from news that Carlsberg and Heineken are going to bid for its rival in the UK cider market Scottish & Newcastle. Shares in C&C climbed 1.1 per cent, or 6 cent, to €5.44.
Anglo, meanwhile, fell 3.1 per cent, to €12.35, and Bank of Ireland closed down 1.7 per cent, at €12.18. AIB lost 1 per cent, ending the day at €16.80.
