DUBLIN REPORT: Iseq: 3,001.82 (-74.96) Settlement date: June 28thINVESTOR JITTERS hit stock markets yesterday as concerns over global growth resurfaced, and the Irish bourse was not immune.
The Iseq tumbled after disappointing new homes sales figures were released in the US, and the index closed down 2.4 per cent, just above the 3,000 mark.
The market was already in “risk aversion mode from the get-go”, one Dublin-based broker said, and when US markets weakened, this put further pressure on the Iseq.
Concerns over funding issues facing European banks also filtered down to the Dublin market. Allied Irish Banks and Bank of Ireland were both off more than 3 per cent, closing at just under €1.00 and 75 cent respectively.
Building materials stocks fared poorly across markets in general yesterday, and CRH was described by one broker as the “disaster du jour” . It dipped as low as €18.09 at one point, a drop of €1.00, before clawing back some ground to close at €18.36.
Ryanair performed well initially, given the weak backdrop. The low-fares airline traded above €3.70 at one stage during yesterday’s session, but slipped back to €3.63, a fall of four cent on the day. Rival carrier Aer Lingus was one of the few names to finish in positive territory. The stock closed up almost 2 per cent at 77.4 cent.
Independent News Media closed about four cent lower at 86 cent, but a broker noted it maintained most of its recent gains on the back of the revelation that Denis O’Brien has increased his stake in the company to 20 per cent.
Cider purveyor CC is expected to receive a World Cup bounce today now that England has qualified for the second round of the tournament. However England’s defeat of Slovenia came too late in the session to boost the stock yesterday, and it closed down 9 cent at €3.25.
