Investors cautious ahead of US inflation data

The market slipped back again yesterday, losing 1.5 per cent of its value as the bulk of the larger names came under pressure. Trade was generally cautious, with investors choosing to stay quiet in advance of this week's US inflation data.

The main financials were again hit harder than most, with AIB losing 45 cent to finish at €17.75 and Bank of Ireland falling by 23 cent to €13.35.

Anglo Irish shed 30 cent to close at €11.10 and Irish Life & Permanent ended the session 35 cent weaker at €17.70. As with much of the market, however, volumes were fairly anaemic.

The main newsmaker of the day - Waterford Wedgwood - was busier, although dealers reported retail interest only. Shares in the luxury goods maker closed unchanged at 4.5 cent after it announced poor results and another rights issue. The €60 million issue will be at six cent per share.

Kingspan fell by eight cent to €12.72, despite a wealth of positive analyst comment emerging from a site visit last week. The company confirmed during the analyst event that it had bought 51 per cent of Australian panel maker, Eurobond Pacific Ply, for about €10 million. It has an option on the remaining 49 per cent. Grafton also slipped yesterday, losing 25 cent to close at €9.75.

The food stocks all lost ground too, with IAWS falling by 10 cent to €13.60, Kerry losing 28 cent to close at €16.35 and Greencore shedding 15 to finish at €3.70.

Fyffes closed four cent weaker at €1.39 amid reports that German banana prices have been almost 8 per cent lower this year than last. C&C gave up five cent to end the day at €6.65. Elan continued along its volatile path, ending 13 cent lower at €12.25. DCC also weakened, closing 10 cent down at €18.

Ryanair shed one cent to close at €71.7, while CRH fell by 52 cent to €23.70.

Positive performers were hard to find on the day, but Independent News & Media stood out after rising by seven cent to €2.32.