Iseq:2,925.17 (-58.26) Settlement Date:June 11th
THE ISEQ index closed 1.95 per cent lower yesterday in line with the European trend as markets across Europe were hit by renewed concerns about sovereign debt issues.
Overall it was a very poor day for the vast majority of stocks on the Iseq as, despite recent upgrades for some of the mainstays of the index, there were few buyers around. According to one trader the lacklustre performance was down to an absence of buyers rather than excessive selling.
Agri-food business Aryzta was the star performer, bucking the trend and gaining just under 8 per cent. The strong performance came as the company announced it is to spend $1.08 billion on acquiring two companies and raised its outlook for the year.
The stock, which hit a high of €29.50 during the session, fell off somewhat towards the end of the session to close at €28.86
Origin Enterprises, which is majority owned by Aryzta, announced in a trading update that its third-quarter profits were 11 per cent ahead of the same period last year. However, the stock lost 1.7 per cent to finish at €2.25.
Aer Linguslost almost 3 per cent after the airline announced that passenger numbers fell by almost 10 per cent last month due to the effect of volcanic ash.
Ryanairwas one of the few stocks to finish in positive territory, adding 1 per cent on the day to close at €3.58.
Bank of Irelandfinished the session flat at 76 cent as the bank's rights issue closed yesterday at 11am. The other financial stocks were badly hit, however, with a lack of any buying interest, according to analysts. AIBlost more than 8 per cent to 88 cent, while Irish Life and Permanentslid by 10 per cent to close at €1.66.
Norkomshed just over 3 per cent to €1.50 ahead of its full-year results which are published today.
