The Iseq index fell by 0.75 per cent in trading today, underperforming the major European stock markets on a day of modest activity in a few of the major stocks.
There was contrasting fortunes for the financial stocks. Having completed its rights issue, buyers were attracted to Bank of Ireland at the 80 cent level. The stock finished just shy of this price, up 3 per cent on yesterday's closing price.
AIB was more or less flat, however, Irish Life & Permanent declined 2.5 per cent to €1.60, after Standard & Poor's downgraded its outlook for the bank from stable to negative. The ratings agency said it had taken the action because it expects Irish Life & Permanent's weak financial profile to persist for the foreseeable future.
Dragon Oil fell 4.5 per cent to €4.63, after it issued a disappointing drilling update from offshore Turkmenistan.
The flow rate in its latest well is lower than any well drilled in the last year and less than half the average in 2009, prompting analysts in the exploration sector to note that Dragon needs to maintain higher flow rates from its new wells to meet its production growth target.
It was a poor day for Elan, which fell 4.3 per cent to €4.30, and traded weakly in the US market, where it also has a listing.
The drop of 19 cent followed the US Food and Drug Administration (FDA) decision to give rival company's Novartis approval to market its drug Gilenia as a first line treatment for MS. This is a set back for drugs already on the market, including Elan's Tysabri.
As the World Cup - a major event in the betting calendar - kicked off in South Africa, Paddy Power saw its share price lifted in trading, climbing 99 cent to €26.00. This was a rise of almost 4 per cent.
Smurfit Kappa also had a good day, rising 3 per cent to €6.75. However, the stock has underperformed the European paper and packaging sector over the past month.
