Iseq slips back as Ryanair dives ahead of interim results

Iseq: 2,664.54 (–17.60) Settlement date: November 9thTHE IRISH stock market proved more resilient than its larger European peers yesterday. Nonetheless it closed the session in negative territory, with airline stocks leading the fall.

Equities weakened as markets were disappointed by developments at the G20 meeting Cannes, such as the failure to agree on increasing the firepower of the euro zone’s bailout fund.

“There was some progress but not the progress the market was anticipating,” a Dublin broker noted.

Better than expected non-farm payroll data from the US was overshadowed by concerns over the handling of the euro zone debt crisis, with major European markets falling more than 2 per cent. The Iseq closed about 18 points lower at 2,664.54.

The aviation sector suffered after one of the world’s largest airline groups IAG issued disappointing numbers, which had a negative read-through for the industry.

Ryanair, which is due to release interim results on Monday, tumbled almost 5 per cent, or 17 cent, to €3.35. Rival airline Aer Lingus sank about 5.5 per cent, or four cent, to 68 cent.

Building materials giant CRH weakened slightly, despite a positive set of third quarter numbers from its peer Lafarge, which outperformed consensus expectations. CRH stock finished 11.5 cent lower at just below €12.79.

Independent News & Media also finished in the red, shedding almost 6 per cent, or 1.5 cent, to end at 25 cent.

Defensive stocks found favour on the day as investors shied away from riskier assets. Food companies benefited, with Glanbia closing about 13 cent higher at almost €4.66.

Kerry Group also moved higher, climbing about 1 per cent, or 27.5 cent, to €26.53.