Iseq: 2,409.84 (–56.51) Settlement date: August 15thIT WAS a mark of the day that was in it that a fall of more than 2 per cent on the Irish stock market yesterday was considered a relatively good performance.
As major European indexes plunged between 3 and 5 per cent, the Iseq held up slightly better, slipping 56.5 points, or 2.3 per cent, to 2,409.84.
The Iseq’s largest stock, CRH, was among the hardest hit, which traders said was due to its size and liquidity more than any other factor The cement giant shed more than €1.00, about 8 per cent, to close at €11.45.
The Iseq’s second largest component, Ryanair, also got knocked, and lost almost 4 per cent, about 11 cent, to finish just below €2.82.
The airline sector in general sold off yesterday, including Aer Lingus. By the close, the carrier’s share price was almost 5 per cent, or three cents, lower at 59 cents.
Bank of Ireland bucked the sharp downward trend evident elsewhere in the European banking sector, closing flat at 9.3 cents after releasing results which were in line with expectations.
Paper and packaging group Smurfit Kappa got an initial bounce after announcing a 14 per cent jump in first-half revenues. However, the stock quickly succumbed to the general downward momentum, and dropped through the €5 level at one point. It closed the day at €5.05, down 2.4 per cent, or 12.5 cents.
Exploration company Dragon Oil was one of the few success stories on the Irish market yesterday.
Dragon’s strong set of first-half results was well received by investors, and the stock finished almost 7 per cent ahead, or 33 cents, at €5.13.
Food stocks Aryzta and Kerry Group were also positive on the day, adding more than 2 and 3 per cent apiece to close at €34.20 and €25.40 respectively.
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