DUBLIN REPORT: Iseq: 2,758.71 (+0.66) Settlement date: August 3rdTHE ISEQ index of Irish shares has settled into a summer lull, and the pattern of low trading volumes and flat finishes remained in place again yesterday.
The index managed to close up a quarter of a percentage point on a day when stock markets across Europe were all slightly positive.
Ryanair slipped 4.3 per cent to €3.11 as investors continued to be spooked by the budget airline’s cautious full-year guidance. Its no- frills peer Easyjet also released relatively strong numbers showing that its passenger revenues in the quarter to the end of June rose 9 per cent year-on-year. Aer Lingus fell 2 per cent to 47 cent, down 1 cent on the day.
Building materials group CRH, the largest component stock on the index, climbed 1.85 per cent to €17.06, up 30 cents, ahead of action by the US House of Representatives due later this week on its $5 billion highway trust fund, which should enhance group revenues.
However, cement company Cemex published figures showing that US volumes remained weak in the second quarter, while European cement markets were also somewhat difficult.
DIY group and builders merchants Grafton was another of the few stocks to move more than just a tiny fraction, rising 2 per cent to €3.04. In the food sector, Kerry Group slipped 3.7 per cent to €17.12, but Glanbia had a better day, rising 2.6 per cent to €2.36.
Irish Life & Permanent was the biggest mover among the major stocks, up 4.6 per cent to €3.20, although Bank of Ireland and AIB both finished in negative territory.
The Government is due to publish draft legislation for the National Asset Management Agency (Nama) at 5 pm today, after the close of the markets. However, dealers say its contents are not expected to have any direct material impact on the share prices of the financial stocks or break the current spell of subdued trading.
