Greek default threat and euro's future weigh on Iseq

Iseq: 2,456.54 (–40.69) Settlement date: September 22ndFEARS OF a Greek default and general uncertainty led to poor volumes and losses on the Dublin market yesterday.

However, reasonably resilient performances from key stocks such as CRH and Ryanair helped to cushion the Irish market against the worst of the overall decline in Europe.

The Iseq index was down 1.63 per cent, while most European indices declined to the tune of 2 per cent or more.

Building materials group CRH ended the day down 2.4 per cent at €11.40, but it fared better than some of its European peers, such as Lafarge, which fell 3.4 per cent.

About 675,000 of its shares were traded in Dublin, well below the norm for the company.

Airline Ryanair made a small gain, adding 0.23 per cent to close at €3.023, while rivals such as EasyJet lost ground. Just over 700,000 of the Irish airline’s shares changed hands in Dublin.

Pharmaceutical developer Elan was the best performer on the day, gaining 1.71 per cent to close at €7.12. Dealers say that it is a stock whose fundamentals are unlikely to be affected by the ongoing fears over Greek debt and the future of the euro.

Volumes in Dublin were generally poor, which dealers say was a sign that investors are unwilling to take a position in anything.

Builders’ merchant and DIY group Grafton shed 3.51 per cent to close at €2.75.

Question marks over how pension liabilities might affect the Government’s plan to sell its stake in Aer Lingus hit the airline’s stock, leaving it 7.09 per cent down at 65.5 cents.

Food group Glanbia took a hit, ending the day 3.32 per cent down at €4.664.

Packaging specialist Smurfit Kappa was down 4.91 per cent at €4.65. Trade in the stock was light, with 375,000 of its shares sold in Dublin.