Kerry Group defies day's overall downward trend

Market Report: The defensive qualities of the Dublin market came to the fore on a day when it recorded its eighth consecutive losing session but still outperformed other markets.

Settlement Day: May 11th

The ISEQ closed down less than half a percentage point on a day when leading indices in Europe were all shedding between 1 and 3 per cent.

Only a handful of stocks bucked the losing trend, most notably Kerry Group, which closed 40 cents stronger on €16.20, albeit in light volumes.

In general, though, trade was heavier than in recent sessions. "Everything got sold off in the afternoon session, mainly over interest rate concerns," one trader said last night.

Interest focused on the financial sector with AIB closing two cents ahead at €12, having traded as high as €12.12 in the morning. Bank of Ireland also closed higher, adding three cents to €10.03.

Dealers said the stock had traded up to €10.10 earlier, before succumbing to late session jitters.

Anglo Irish Bank failed to shine despite upgrades in the wake of its results. It ended the day on €13.46, four cents weaker.

Irish Life & Permanent was also off, closing five cents down at €13.

Elsewhere, the busiest stocks of the day were Waterford Wedgwood, where more than 10 million shares changed hands as the share closed down almost a cent on 21 cents, and Arcon, which was fractionally weaker on four cents in volume of more than 6.4 million shares.

Ryanair was 16 cents weaker in the wake of the profit warning at rival easyJet on Wednesday. The share closed at €4.36 despite well-received passenger figures.

Eircom again saw significant volume, particularly in London. It closed two cents softer in Dublin on €1.44.

Broker upgrades following a reasonably upbeat statement to shareholders at its annual general meeting on Wednesday were not enough to prevent a five-cent retreat in CRH's share price to €17.69