Sustained pressure on the banks was the main feature of the Iseq index today, as pre-Nama investor speculation continued to weigh on the share price of Bank of Ireland and AIB.
Some 5.1 million shares in Bank of Ireland exchanged hands, dragging the stock down 2.7 per cent to €2.22, while AIB fell 4.6 per cent to €2.31 on volume of 2.6 million.
Both banks also saw their junior subordinated debt downgraded by ratings agency Moody's.
Further clarity on the workings of the National Asset Management Agency is expected tomorrow with the final legislation due to be published one week ahead of the Dáil debate.
But although the two banks dragged down the overall Iseq, their small weighting relative to their peak meant the Irish market was still able to finish in positive territory thanks to gains in building materials group CRH and Ryanair, the two largest stocks on the index.
CRH finished up 2.4 per cent at €18.75, with its fortunes mirroring those of the rest of the market, which enjoyed improving sentiment in the afternoon.
The two big climbers were paper and packaging group Smurfit Kappa, which bounced 7 per cent to €5.78, and industrial holdings group DCC, which rose 4.8 per cent to €17.45. There was buyer interest in Irish Life & Permanent, which rose 3.4 per cent to €5.15, while drinks group C&C continued its busy run, although it slipped back 1 per cent yesterday to close at €2.76.
Aer Lingus, which confirmed on Tuesday that 63 cabin crew on fixed-term contracts were to lose their jobs, added 1 cent to close at 59 cent, while Ryanair finished up 2.7 per cent at €3.38. The gains for the two stocks echoed a pattern of more benign sentiment toward the airline sector, with British Airways the big winner on the FTSE, on what was a positive day across the major European markets.
