The Iseq index of Irish shares was broadly flat today, finishing down around half a per cent on a quiet day for local corporate news. The Dublin market slightly underperformed the major European stock markets, which all made very modest gains.
Building materials group CRH, the Iseq's biggest component stock and the most traded stock again, slipped 3 cent to €17.01 during the session. The US senate finance committee this week introduced legislation that would inject almost $27 billion into a highway funding programme, from which CRH is expected to be a major beneficiary.
No-frills airline Ryanair, which on Tuesday announced cuts to its Stansted-based services, was flat in trading ahead of its first-quarter results next week, finishing at €3.29.
Pharmaceutical group Elan fell 5.2 per cent to €5.29, one day after it released second-quarter results showing a 14 per cent year-on-year growth in revenues - figures that analysts described as "a strong set of numbers".
Stocks linked with troubled property developer Liam Carroll saw some of their Tuesday gains eroded, with food group Greencore down 1 per cent at €1.09 and ferry operator Irish Continental Group (ICG) also down 1 per cent at €10.15.
Despite a ratings downgrade by credit rating agency Fitch, Irish Life & Permanent had a good day, recording the highest percentage gains of all of the major stocks. It rose 5.1 per cent to €3.05 on the day. Among the other two financial stocks, Bank of Ireland rose 1.1 per cent to €1.60, while AIB was unchanged.
Bakery group Aryzta, which has several US interests, rose 1.4 per cent to €24.70. After coffee chain Starbucks reported that the decline in its sales has moderated, Goodbody food analyst Liam Igoe noted that this may suggest "a more positive environment in the US, or at least a less negative one, for discretionary consumer products".
Aryzta agri-food subsidiary Origin also rose in trading, finishing up 4 per cent at €2.50.
