The Irish stock market drifted lower again yesterday as international markets weighed up solid results from US heavyweights like Citigroup and Texas Instruments against worries about inflation and higher interest rates.
Iona Technologies was one of the few features of a dull day as the shares shed €1.35, or 19 per cent, to €5.70 in the wake of poor first-quarter results.
On the Nasdaq stock exchange, where the stock is mainly traded, the shares had lost 95 cents, or 11.5 per cent, to $7.27 by the Dublin close, amid disappointment over licence revenue growth.
The Dublin-based software company reported a net profit of $190,000 for the three months to the end of March, its first quarterly profit for two years, but failed to meet market expectations.
Meanwhile, the uncertainty about the direction of interest rates internationally did little to help financial stocks, which again closed lower in Dublin.
AIB dropped 15 cents to €12.43 while Bank of Ireland shed eight cents to €10.47.
Anglo Irish Bank also weakened, finishing 14 cents lower on the day at €13.00 while Irish Life & Permanent gave up 10 cents to €13.70.
Despite the weaker trend generally in evidence, Eircom added three cents, or 2 per cent, to €1.47.
Elsewhere, the performance was mixed.
CRH dropped by 12 cents to €17.42, while Ryanair added three cents to €5.38.
In the pharmaceutical sector, Elan shares continued to edge upwards, adding 36 cents in New York to $20.61 by the Irish close.
In Dublin, the shares closed 11 cents higher at €17.11.
Among second-line stocks, activity was muted, although Paddy Power lost 11 cents to €9.11 while IFG shares added five cents to €1.15.
Meanwhile, the National Treasury Management Agency (NTMA) said its €600 million auction of bonds due 2020 was covered 3.3 times.Dublin ReportSettlement Day: April 20th
