Quiet day as traders await release of US information

DUBLIN REPORT: Iseq: 2,709.45 (-13

DUBLIN REPORT: Iseq: 2,709.45 (-13.68) Settlement date: October 15th:IT WAS a quiet day on the Iseq yesterday, as markets across Europe were somewhat hesitant ahead of the publication of the minutes of the Federal Reserve's September meeting on interest rates after European markets closed.

The Iseq finished broadly in line with its European peers, closing down 0.5 per cent at 2,709, as financials and index heavyweight CRH finished the day lower.

Drinks company CC which published first-half results yesterday, offered the main source of stock-specific news.

Its results, which saw operating profit rise and the company leave its guidance for the full year unchanged, were broadly in line with expectations and lifted the share price 2 per cent to close at €3.13.

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The three financial stocks were weak, all finishing the session lower. Reports that Irish Life Permanent was preparing for a rights issue and due to hire four banks to underwrite the rights offering saw its share price fall by 0.3 per cent to €1.60.

Similarly, continuing speculation about an imminent rights issue for AIB unsurprisingly triggered some weakness in the stock, although one analyst commented that both stocks “held up quite well” considering. AIB shed 0.7 per cent on the day to finish at €0.417, while Bank of Ireland lost 1.4 per cent to €0.622.

Smurfit Kappa received a boost late in the day, on the back of news on Kraftliner prices, pushing its price up just under a half a per cent to close at €7.53.

Elsewhere, CRH, the largest constituent on the exchange, fell a relatively hefty 2.2 per cent to €12.22. Other construction-related stocks were in negative territory yesterday. Insulation group Kingspan lost a half a per cent to €5.82, while Grafton finished the day slightly under at €3.09.

Ryanair managed to add 0.3 per cent to close at €4.11.

Suzanne Lynch

Suzanne Lynch

Suzanne Lynch, a former Irish Times journalist, was Washington correspondent and, before that, Europe correspondent