Market Report: Irish shares pared their losses in afternoon trade but the market still ended in negative territory after profit-taking hit the banks.
Having been down by more than one per cent earlier in the day, the ISEQ eventually finished just 0.2 per cent lower.
The two big banks proved the main movers with more than three million shares in each changing hands. AIB, which gained nearly 10 per cent over the first four days of the week, lost 40 cents, or 2.7 per cent, to €14.00. Bank of Ireland, up around 8.5 per cent by Thursday, gave up 30 cents, or 2.3 per cent to close at €12.50.
"Both banks have outperformed substantially in recent days so it was no surprise to see some profit-taking," one dealer said.
By contrast, Irish Life & Permanent, which has been left behind while the two main banks rallied, had a good day, adding 35 cents or 2.9 per cent to €12.60. Dealers said it has benefited from a research note from Merrion Stockbrokers advising investors to switch out of AIB and Bank of Ireland and into Irish Life & Permanent and Anglo Irish Bank. The latter lost 10 cents to €6.20.
Among industrial stocks, CRH was up 20 cents to €15.50, Kerry Group gained a further five cents to €14.70, while Ryanair was up seven cents at €6.32.
Dealers reported good interest in certain second-liners such as Grafton, which added 24 cents to €4.35 ahead of the release of results next week. Kingspan also moved ahead, gaining 25 cents to €2.20.
In Dublin, Elan shares were up 43 cents to €2.30 on news that clinical trials of migraine drug Frova would be completed ahead of schedule. Elan co-markets the drug in the US.
Alphrya shares responded to the release on Thursday of a weak set of results, losing 35 cents to €1.50.
