It was a muted end to the month for the Dublin stock exchange as the ISEQ finished pretty much flat.
As was the case throughout Europe, the ISEQ took its lead from the US, where news that the economy had grown at a slower pace than predicted in the second quarter weighed on the market. Although volumes were light, the Dublin market did see a flurry of activity towards the close of session, as investors took stock at the end of the month.
Much of the morning trading in Dublin focused on CRH as two industry peers from the US, Lafarge and HeidelbergCement, published half year results. Lafarge’s downgrading of full year cement volumes and a weak outlook from the sector fuelled anxiety about the state of the global construction market, and weighed heavily on the sector. Having dipped in morning trade, CRH regained ground and succeeded in outperforming other peer stocks globally, finishing 1.4 cent off at €16.03.
Volume was weak in the banks, although Bank of Ireland did see activity towards the end of the session pushing the share price 4 per cent higher at the close which analysts put down to end-of-month interest. Bank of Ireland closed at €0.85. AIB was flat on the day, with volumes continuing to be light, with traders hoping for some elucidation next Wednesday when interim results are published. Irish Life and Permanent also failed to attract much investor interest closing 0.7 per cent off at €1.75 on light volumes.
Aer Lingus took a hit amid news that cabin crew are to ballot on industrial action. It shed two per cent on the day to finish at €0.93. Ryanair saw good volume, and climbed 2.2 per cent on the day to finish at €3.84, again boosted by activity towards the close of the session.
DCC continued to see above average activity. It closed up a half a per cent, or ten cent, to finish at €18.85.
