DUBLIN REPORT: Iseq: 2,866.69 (-70.43) Settlement date: November 4thTHE IRISH stock market finished a lively week on a negative note, with the Iseq closing down 2.7 per cent yesterday following a choppy session for the main financial stocks.
Bank shares jumped sharply early on, however, the surge failed to last and both AIBand Bank of Irelandfinished the day down – on the back of what one trader described as "the mother of all reversals".
Following news that the National Asset Management Agency (Nama) legislation had passed committee stage, Bank of Ireland shares gained almost 15 per cent, rising to over €2. AIB shares followed a similar pattern, jumping €0.12 to €2.07.
Those early gains were erased before the end of trading and both banks closed down on the day. Bank of Ireland lost 7.1 per cent to close at €1.70, and AIB eventually finished down just under 4 per cent at €1.87.
Irish Life and Permanentclosed the session down 3.3 per cent at €3.90.
One trader said a spell of aggressive selling in the US had caused an afternoon slump. Another believed the Iseq had simply fallen in line with other markets around the world, many of which finished down more than 2 per cent.
Elsewhere, building materials group CRH, the biggest stock on the Iseq, fell 5.4 per cent to €16.65. Its industry counterpart, Kingspan, recorded a small loss to close at €5.75.
Food group Aryzta Agclosed at €26.30, down 2.6 per cent, while the Kerry Groupfell 2 per cent to €20.15. There were also marginal losses for packaging group Smurfit Kappaand low-fare airline Ryanair, set to report to the market on Monday.
Elanclosed the week rising almost 5 per cent to €3.61. United Drugwas up 1.3 per cent at €2.24 and Dragon Oilfinished at €4.63, up more than 2 per cent.
