Subdued day as Iseq follows Europe to close down 1%

Iseq: 2,844.89 (-29.61) Settlement date: March 16th:STOCK MARKETS across Europe ended the week on a subdued note, after investor confidence in the global economy was knocked by the massive earthquake in Japan, while political uncertainty in Libya and high oil prices continued to keep many away from equities.

It was a subdued day in terms of trading volumes on most of the major European indices, which was reflected in the weak performance of the Dublin market. The Iseq index fell 1 per cent yesterday, completing a lacklustre week.

Dealers reported that the market opened weaker than the previous day’s session, with attempts to build momentum falling flat. The Iseq came off worse than the FTSE on the day, as a result of slips for major Irish stocks such as CRH, Ryanair and Kerry.

Although there was little corporate news floating around, several consumer-facing stocks endured a day in the doldrums.

Ryanair fell more than 2 per cent to €3.35, while Aer Lingus was the heaviest faller among the main stocks, dropping more than 4 per cent to 82 cents.

Food group Glanbia, which has seen its share price struggle since it announced its 2010 results, closed at €4, down 2.4 per cent. Paper and packaging group Smurfit Kappa fell 3.4 per cent to €8.30, while industrial holdings group DCC slipped 2.3 per cent to €22.31.

Building materials group CRH, the largest component stock on the index, fell 12 cents to €15.18, a drop of less than 1 per cent.

DIY chain owner and builders’ merchants Grafton was among the few stocks to hold up on the day, with its share price advancing 1.4 per cent to €3.50.

With some buyers paying its stock attention, Independent News Media led the climbers, finishing up 3.4 per cent at 61 cents.

Among financial stocks, Irish Life Permanent closed up fractionally, but AIB and Bank of Ireland had another poor day.