Dublin report: The consensus was a negative one in the world of stocks and shares yesterday as most exchanges moved downward, assisted by an unexpectedly strong gain in US core producer prices. Dublin's Iseq was no exception, with declines in financials helping drag the index downward - something of a rarity in recent times.
Dealers attributed some of the declines to news that National Irish Bank had launched a new range of mortgage products, saying it was likely to prompt increased competition in the sector and possibly force AIB and Bank of Ireland to improve their mortgage offerings.
Shares in AIB dropped 49 cent, or 2.3 per cent, to end at €21.06, while Bank of Ireland closed unchanged at €15.85. Both banks have gained significantly in recent times on the back of rumours linking AIB with a possible takeover bid by Citigroup. This has now been quashed.
Irish Life & Permanent was also a loser, dropping 24 cent, or 1.2 per cent, to end at €19.40, while Anglo Irish Bank slipped two cent to €13.84 after touching an all-time high earlier in the day.
Aer Lingus ended unchanged at €2.88 despite heavy volumes. The pilots yet again increased their stake and after the market closed it was revealed that businessman Denis O'Brien had spent €32 million buying 2 per cent of the company, further reducing the chance of Ryanair chief executive Michael O'Leary building up a majority stake in the former State airline.
CRH was one of the few gainers, adding 53 cent, or almost 2 per cent, to close at €27.33 after the company announced its second expansion into China in less than a week. Drinks and snacks maker C&C, meanwhile, was subject to some profit-taking, which pushed its shares down 14 cent to €12.
Settlement day: October 20th
