DUBLIN REPORT: Iseq:2,493.68 (-117.06) Settlement date: May 18th

WHILE DIRECTORS of AIB may have been having a day they’d like to forget at the company’s annual general meeting (agm) in Dublin, it was a similar day at the city’s stock exchange.

In a day that one trader described as “pretty grim” throughout the Iseq index losing 117.06, or 4.48 per cent, to close at 2,493.68.

AIB directors felt the wrath of shareholders in Ballsbridge but the bank's share price was far from the worst performing financial in Dublin. That dubious honour went to Irish Life & Permanentwhich was off 19.4 per cent to close on €2.20. Bank of Ireland was down below €1.00 at the close, shedding 18.7 per cent of its value to finish at €0.95. AIBdid not escape unscathed and was down 14.44 per cent to €0.877.

Traders said that investors were exiting cyclical stocks, which see a fall in revenue during a recession, in favour of defensive ones and as a result the Irish financials fell out of favour. One broker noted that international hedge funds, which had been buying into the banks in recent weeks, were absent from the market.

The souring of sentiment towards cyclicals hit the construction sector. Building supplies group Kingspanwas down more than 10 per cent to €3.85, in advance of this morning's agm and release of a trading statement. DIY player Graftonwas down 9.75 per cent to €2.50, while market heavyweight CRHfell 3.75 per cent to €16.95.

Europe’s largest supplier of insulation and roofing materials, SIG, had earlier said like for like revenue so far this year fell 18 per cent on a constant currency basis.

One of the bright spots was cider maker C&Cwhich traded up 1 cent to €1.95. Brokers said the company's "story is gaining traction" and a road show by its new management team was helping to spread the word.