Iseq: 2,864.89 (–23.33) Settlement date: June 21stIRISH STOCKS fell yesterday as the Greek debt crisis and signs of weakness in the US economy continued to weigh on investor sentiment around the globe.
The Iseq index dropped 0.8 per cent to 2,864.89, compounding losses sustained in Wednesday’s session.
One broker predicted that if US markets can hold their gains overnight, then it might “steady the ship” somewhat. However, he said investor nervousness could well intensify into the weekend in advance of crunch talks on the Greek rescue.
Volumes on the Irish market were slightly better than in recent sessions, but trading was very quiet. The combination of low volumes and high volatility indicates that many investors are sitting on the fence, a trader said. “There’s a lack of buyers and sellers in the market. Things are moving quite a lot on little flow,” he said.
Very few Irish stocks recorded an up day. United Drug delivered the strongest performance, rising more than 2 per cent, or five cent, to €2.32. Though the healthcare firm is continuing its share buy-back programme, a broker said that this was a very gradual process and that the uplift was more likely due to an investor presentation held in London yesterday.
Elan has enjoyed a strong run in recent weeks but this stalled yesterday, and the stock slipped more than 3 per cent, or 26 cent, to €7.30.
Aer Lingus saw aggressive selling though volume was not significant. The airline closed 6 per cent down, or five cent, at 71 cent. One trader said this movement was “a bit puzzling” as there was no specific news out on the stock.
Cement giant CRH bounced back from a low of €13.90 to finish more than 16.5 cent up at €14.34.
Food ingredients group Kerry edged ahead by 4.5 cent to finish at almost €28.38.
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