Market Report: Despite a strong performance in London and on other European stock markets, the ISEQ index closed slightly lower, dragged down by softness in the two main banking stocks.
Although dealers said there were signs that both banks were in the market to buy back shares again yesterday, they gave up ground. AIB lost 50 cents, or 3.8 per cent, to 12.80, despite confirming the repurchase of a further 500,000 shares at an average price of €13.30 on Tuesday. Bank of Ireland closed 30 cents, or 2.7 per cent, weaker at 10.90.
Other stocks fared better, enjoying a rally on the back of Wall Street's strong close on Tuesday. In the financial sector, Anglo Irish Bank added 13 cents to 7.36 while Irish Life & Permanent was up 10 cents to 10.50.
Industrial stocks also made gains as CRH firmed by 16 cents to 12.80, helped by better-than-expected US new homes sales in April. Ryanair shares also closed 25 cents higher at €5.98 as investors looked forward to good results from the company next week.
In the food sector, Kerry shares were 18 cents higher at €12.98 after positive comments at its annual meeting, while IAWS added 17 cents to 7.60. Greencore also edged up by six cents to 2.96 as the market responded positively to the interim results.
Galen was up by 61 cents, or 8 per cent, to 8.15 despite the publication of two new studies linking Wyeth's combination HRT product, Prempro, to an increased risk of dementia and stroke.
More than 4.5 million Independent shares were traded, as the stock added three cents to 1.48, as results emerged from peer groups in the UK pointing to a pick-up in advertising.
