Iseq: 2,438.06 (–14.01) Settlement date: August 26th: THE ISEQ index was "unloved" yesterday, according to a Dublin broker, missing out on the rally enjoyed by its peers around Europe, as index heavyweight CRH dragged it into negative territory.
The building materials giant, which makes up more than a quarter of the index, was one of the worst performers in its sector yesterday. It shed 14 cent over the course of the session – more than 1 per cent – to finish at €11.15.
Other index components with significant weightings did not perform well enough to offset CRH’s decline. Low cost airline Ryanair, which accounts for 12 per cent of the Iseq, traded flat at €3.11.
Paper and packaging group Smurfit Kappa, which has been volatile in recent weeks, was one of the heaviest fallers, erasing the gains notched up in the previous session. The stock closed more than 4 per cent down, or 22 cent, at €4.90, albeit on thin volume.
One trader noted that the group’s debt profile “isn’t very strong” and, as a result, it tends to fall out of favour whenever investors worry about debt issues.
Elsewhere DCC, which is a top-10 Iseq component, closed 15 cent lower at €17.85.
In the food sector, Glanbia inched upwards to finish just below €4.06 in advance of its first-half results which are due to be published today.
The numbers are thought likely to be in line with consensus expectations, although some brokers predicted the ingredients group’s outlook may be less confident in light of factors such as the volatility in commodity prices.
Builders merchants and DIY retailing group Grafton was one of the biggest gainers on the day, jumping about 3.5 per cent, or nine cent, to €2.65.
Overall the Iseq index closed about 0.6 per cent lower at 2,438.06.
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