CRH remains unpopular as stocks drift

Market Report:Stocks drifted across the board on a slow day that saw the Irish market slip by 1.8 per cent, largely in line with other European exchanges.

Dealers said that business was flat to begin with, but picked up during the afternoon after New York opened and the Bank of England announced its rate cut. However, as the day drew to a close, most stocks were sold and the market finished down overall.

One dealer also suggested that any European Central Bank rate cut has already been priced in to Irish stocks, indicating that the market is going to be under pressure for the short term at least.

For the third day running, CRH, the market's biggest company, was unpopular with investors, shedding 61 cent, or 2.54 per cent, to close at €23.41. About 3.5 million shares were sold in Dublin.

Cider producer C&C was far from effervescent yesterday, dropping 23.2 cent to close at €4.308. In percentage terms it was one of the bigger fallers on the day, losing 5.11 per cent of its value. Close to two million of its shares changed hands in Dublin.

Financial stocks followed decent advances on Wednesday by going into retreat yesterday.

AIB lost 23 cent or close to 1.6 per cent to close at €14.47. Bank of Ireland, the only financial stock to fall in value on Wednesday, dropped a further 1.63 per cent yesterday, closing 15.6 cent down at €9.434.

Anglo Irish Bank fared only marginally better, losing 10 cent, just over 1 per cent, to end the day at €9.75.

Bookmaker Paddy Power was one of the few Irish stocks to end up in the winner's enclosure. It gained 66 cent to close at €20.81