Aer Lingus has its biggest fall since going public

DUBLIN REPORT: Iseq: 1,947.41 (-38.22) Settlement Date: March 16thSHARP FALLS at Aer Lingus and Elan dragged Dublin lower on a day when markets across Europe generally traded up. Not even a decent session for industry heavyweight CRH could offset the losses elsewhere as the Iseq slipped 1.9 per cent on the day.

Aer Lingus was the major corporate story, shedding close to 27 per cent – its largest one-day fall since floating as a public company – to end the day on 58 cent, 21 cent weaker. Even that was a rally of sorts from the 48 cent mark the stock hit earlier in the session as the former State airline plunged into the red last year to the tune of €108 million and warned it was also likely to miss earnings targets in the current year.

Elsewhere, Elan, Irish Life & Permanent (IL&P) and Independent News & Media (IN&M) all recorded double-digit percentage declines.

IN&M was hit by news of losses at rival Johnston Press, which reported a 36 per cent slide in advertising revenue. Independent stock dipped 13 per cent to close on 10 cent.

Elan was 47 cent, or 10.4 per cent weaker on €4.03, while Irish Life & Permanent ended the day on 76.5 cent, down 11 cent.

The other financials fared better with Bank of Ireland losing less than a cent to 20.8 cent and AIB among the best performers on the day with a rise of four cent, or 10 per cent, to 44 cent.

Construction stocks, in general, had a solid day, with CRH adding 81.5 cent, or 6.3 per cent, to €13.81. Kingspan and Grafton also traded ahead on the session, while housebuilders Abbey and, particularly, McInerney were also among those finishing in the black in relatively healthy volumes.

The success of the Irish at Cheltenham did little for Paddy Power. With eight Irish winners in the first two days, the bookmaker was under pressure, closing 18.6 cent weaker on €12.10.