Iseq:2,882.74 (-33.72) Settlement date:November 27th
THE ISEQ ended in negative territory yesterday, reflecting the movement of markets across the globe as disappointing data from the US showed the pace of economic growth was slower than expected in the three months to September.
Activity in Dublin was slightly up on the previous session, but still well below average, with one broker noting that institutional investors in particular seemed to be in “pause mode” as the end of 2009 approaches.
Irish Life and Permanentwas the best performer among the financials yesterday, following the announcement by the company in the morning of detailed plans to create a new holding company which is expected to list in mid-January. The announcement boosted its share price which was trading above €3.50 at one stage, though it fell off in afternoon trading to close 1 cent higher at €3.40.
Bank of Irelandand AIBremained weak, shedding almost 4 per cent and 2 per cent respectively, mirroring a fall in financials across Europe.
The performance of CRH, the largest constituent on the Iseq, weighed heavily on the overall direction of the market. Following a sell-off towards the end of the session, it closed 2 per cent lower at €17.33 on reasonable volumes.
Other construction-related stocks fared better. Building materials group Graftonput in a strong performance following half-year results from British heating and plumbing providers BSS which were in line with expectations. It advanced almost 4 per cent on the day to close at €3.28. Insulation providers Kingspanended in positive territory, gaining just over 2 per cent to end at €5.70. Ryanairshed over 1 per cent despite the announcement it is to open a base in Norway, with one trader noting that markets were still concerned about the airline's ongoing talks with Boeing.
