CRH leads downward spiral as Iseq dips 1.2%

Iseq:2,943.17 (–33.12) Settlement date:May 9th

THE MARKETS remained jittery yesterday, with the FTSE off by 1.6 per cent and Europe about 1.5 per cent weaker.

Ireland was not immune to such losses, though the market did not fare too badly, closing down 1.2 per cent.

The day proved busy with both CRH and Grafton, publishing middling to upbeat updates.

However, Swiss peer Holcim disappointed analysts with poor numbers, and had a contagious effect, dragging CRH and the rest of the sector down. CRH ended the day down 2.4 per cent to close at €16.22.

Grafton, despite issuing a positive market update, surprised analysts to close down 2 per cent at €3.37 on decent volumes, though its closest UK peers were up on the day.

Issuing passenger numbers at the upper end of estimates, with traffic growing 10 per cent last month, Ryanair performed well, closing up almost 1 per cent at €3.41.

Aer Lingus, which has a trading statement due out today, closed flat at €0.83.

Smurfit Kappa is due to publish its first quarter results tomorrow but suffered along with its sector, dipping almost 3 per cent to close at €8.89.

United Drug showed some volume in London and Dublin closing up 0.62 per cent at €2.26.

News of an unsolicited approach saw financial stock IFG surging 17 per cent, or 25 cent, to €1.75.

Bank of Ireland saw up to 23 million shares traded across Dublin and London. This has been the biggest volume seen in the banks for a while but the stock closed down 1.5 per cent at €0.24.

The backdrop was relatively positive in the bond market too with the sovereign catching some bounce on the back of Portugal agreeing to a bailout deal with the EU and IMF.