US jobs news drives down markets

At the end of a week which saw a number of disappointing economic indicators emerge from the US, all eyes were again on the US as markets awaited the publication of the monthly non-farm pay-roll figures.

The news that the US had gained fewer jobs than expected last month however drove markets lower, though this was offset by a late rally on the back of the news that Greece is to receive a second round of IMF-EU funding.

While the Dublin market continued to track macro trends, there was significant stock-specific activity on the market.

Bank of Ireland was one of the main movers, after the banks announced plans for a rights issue underwritten by the Government. The stock slipped 13 per cent to €0.143 as the market digested the terms of the issue.

Independent News & Media managed to remain fairly steady, closing down fractionally lower at €0.57, despite the outcome of a fractious board meeting which saw a representative of Denis O' Brien depart from the board.

Index-heavyweight CRH remained under pressure, closing below the €14.50 mark at €14.48, a fall of 1.3 per cent, most likely as a result of the negative economic data coming from the US. Industry peer Kingspan shed 2 per cent to finish at €7.05 though Grafton rose marginally to finish at €3.46.

News that Ryanair's passenger numbers rose by 11 per cent in May helped boost the stock, with the share price advancing three quarters of a per cent to €3.64. Aer Lingus also remained steady at €0.81 as talks at the labour relations commission continued.

Food groups remained in demand, with Glanbia closing above the €5 mark at €5.02, a gain of one per cent. Origin Enterprises gained three-quarters of a percent to €3.93, while Aryzta fell back fractionally to lose a half a cent, ahead of results next Tuesday.