Settlement Day: August 25th: The market ended a touch weaker yesterday as disappointing results from US technology giant Hewlett-Packard hit confidence across Europe.
The two main Irish banks both suffered in the decline, with AIB dropping 19 cents to 12.26 and Bank of Ireland losing four to finish at 10.76. Dealers said a number of investors were swapping out of AIB and into its main competitor. Bank of Ireland meanwhile confirmed that it had bought back 50,000 of its own shares on Tuesday, paying an average price of 10.78.
Irish Life & Permanent moved in the other direction, building on recent strength by closing 18 cents higher at 9.95 after touching 10 at one stage of the day. Sentiment is positive on the stock, which many investors view as cheap at these levels.
In other financials, Anglo Irish Bank continued to attract steady two-way trading. Dealers said the stock, which shed 10 cents to close at 8.65, had been well-supported against profit taking.
Elsewhere, dealers said programme trading was in evidence, particularly on the buying side.
More than six million shares were traded in Ryanair, with much of the volume coming in one block. The stock closed five cents higher at €6.40. CRH also bucked the market trend by adding 18 cents to finish at 16.45, again on good volume. The company has made a small acquisition in Denmark.
Grafton, which will enter the DJ Euro STOXX 600 Index next month, added five cents to close at 4.50.
One of the biggest losers on the day was Paddy Power, which shed 30 cents to end at 6.25 as profit-takers moved in to realise their gains. Trinity Biotech dropped 50 cents to €2.75 on volume of just 500 shares.
