Iseq: 4,297.37 (-36.16) Settlement date: August 25thIN A day of weak trading, the Iseq closed down by almost 1 per cent, or 36.16 cent, at 4,297.37, as weak sentiment in financial stocks across the US and Europe continued to drag down the Irish market.
Concern over the future of Fannie Mae, Freddie Mac and Lehman Brothers saw the US market fall on Tuesday, leading financial stocks across Europe to follow suit yesterday. In Ireland, a report from Daft indicated that rents have continued to soften, leading to concern for the buy-to-let sector.
Anglo Irish Bank was the worst-performing financial and finished the day down by 4.7 per cent, or 27 cent, to €5.45. Irish Life Permanent saw its share price decline by 2.7 per cent, or 15 cent, to €5.35, while AIB closed down 2.5 per cent, or 20 cent, to €7.93. Bank of Ireland fell by almost 1.5 per cent, or eight cent, to €5.39.
In its last day of trading, significant volumes saw IAWS close the day up 3.7 per cent, or 60 cent, to €17.00. The stock delisted from the Irish Stock Exchange yesterday evening, and, following its merger with Hiestand, will relist as Aryzta tomorrow.
Kerry Group also finished the day up, rising 2.2 per cent, or 41 cent, to €19.22.
Although Ryanair received positive news in the form of the UK Competition Commission's recommendation for the break-up of the BAA monopoly over the London airports, the stock still fell by more than half a per cent, or two cent, to €2.62. There was no change for Aer Lingus, despite the announcement that Colm Barrington would be its new chairman, and it held firm at €1.55.
Despite a buy-back of 100,000 shares, priced at between €16.82 and €18.01, CRH fell 1.5 per cent, or 26 cent, to €16.75. Kingspan was also down, falling 0.5 per cent, or three cent to €6.53, while Grafton finished the day down 1.7 per cent, or seven cent, to €3.79.
