Uncertainty over EU crisis meeting weighs on Iseq

Iseq: 2,654.78 (–36.52) Settlement date: October 28thTHE EURO zone debt crisis continued to drive trends on local markets yesterday, with the Iseq index closely lower in line with its European peers after a volatile trading session amid growing confusion about today's scheduled summit.

Trading in Dublin continued to be characterised by low volumes, as the market searched for certainty from European leaders. The Iseq closed down 1.4 per cent at the end of a “see-saw” day, as one trader put it.

In terms of stock-specific activity, Greencore was the main talking point, following a surprise announcement that the company has received a preliminary takeover approach that may or may not lead to an offer.

The announcement, which took markets in London and Dublin by surprise, sent the share price 25 per cent higher at one stage, with the company finishing the day 9.5 per cent up at €0.68.

Kerry Group, which is also a player in the British convenience food market, saw good volumes, following confirmation that the UK Competition Commission has provisionally cleared Kerry’s acquisition of Headland Food.

Elsewhere, the Iseq’s two airline stocks finished lower, despite the announcement by the Irish Commission for Aviation Regulation that it is to reduce airport charges. Aer Lingus closed down 3 per cent at €0.71, while rival airline and shareholder Ryanair fell just under 1.5 per cent to €3.24.

Mining stocks had a busy day.Ormonde Mining gained 8.5 per cent to close at 10 cent after the company announced a significant upgrade of its tungsten mine in Spain. Kenmare Resources was also active, though it slipped back towards close of business, to finish off 2.6 per cent at €0.45.

Elsewhere, CRH, the largest stock on the index fell 3.4 per cent, while FBD insurance closed down 1.5 per cent at €6.25.