Financials under pressure on another poor day

Dublin Report: The market had another poor day yesterday, with disappointing US economic numbers helping to speed the decline in the afternoon.

The financials were all under pressure again, with Bank of Ireland the worst hit. Almost five million shares changed hands as it fell 35 cent to €11.65.

AIB dropped 10 cent to €15.75 on slightly lighter volume as NCB reaffirmed its price target of €18.60. Anglo Irish also shed 10 cent, closing at €9.15 as the market anticipates next week's results. Davy has a price target of €11.00 on the stock.

Irish Life and Permanent fell 19 cent to €13.05.

Elsewhere, the market heavyweights also struggled, with CRH feeling particular pain. Shares in the firm fell 29 cent to €19.00.

Ryanair went against the negative grain by closing nine cent higher at €5.69.

News was provided by Elan, which released first-quarter results and said it believed Tysabri would eventually return to the market. Shares in the pharmaceutical firm added 25 cent to close at €3.56.

Also in the spotlight was Independent News and Media, which is set to make a €75 million profit on the sale of its stake in mobile content provider iTouch. The stock fell one cent to €2.34.

Grafton recovered after being punished on Wednesday, rising by 22 cent to €8.80 after a substantial director share purchase.

McInerney also went better, moving ahead by 10 cent to €7.85.

DCC improved too, climbing by 22 cent to €17.00.

Kerry was stronger as speculation continued to surround its chances of buying ingredients business Chr Hansen. NCB says financial bidders for the assets outnumber potential trade buyers. The food group rose 17 cent to €18.74.

Paddy Power weakened after previously holding up well. Shares fell 48 cent to €13.82.

Newsflow today will come from Irish Continental, which is holding its agm in Dublin. Shares were unchanged at €9.60. Settlement Day: May 4th