Market report: The Irish stock market closed modestly lower yesterday, taking its cue from overseas market in the absence of much news at home.
Second-line stock Qualceram provided one of the few talking points of the day when it issued a profit warning on the back of weakness in its main UK market, rising input costs and increased competition from the Far East.
Shares in the bathroom manufacturer fell by 27 cents, or more than 13 per cent, to €1.75, although volume was very light with less than 6,000 shares traded.
Elsewhere, banking stocks were generally weaker. AIB, which is due to release a trading statement later in the week, slipped by 16 cents, or 1 per cent, to €14.94 ahead of the release today of a second IFSRA report into overcharging in the bank and the use of offshore investment vehicles.
The sector also faces the release next week of a Competition Authority report on the banking industry. Anglo Irish Bank lost 22 cents to €17.23 and Irish Life & Permanent was off by 30 cents to €13.25.
Only Bank of Ireland resisted the downward trend to close five cents higher at €11.80.
Ryanair shares lost nine cents to €5.53 as Deutsche Bank lowered its rating on the no-frills airline to "hold" from "buy".
Other movers yesterday included C&C which edged upward four cents to €2.85.
Dealers reported good interest in Independent News & Media which gained four cents to €2.34 while Greencore bounced back from recent weakness with a 16 cent gain to €2.93.
Irish Continental Group, which has been forced to cancel services because of industrial action by some of its workers, lost 22 cents or close to 2 per cent of its value to €11.08 as the market considered the financial and business impact of the industrial dispute.
IWP remained weak, losing a further two cents or 10 per cent to €0.18. Fyffes was another loser yesterday, shedding three cents to €2.04
Settlement Day: December 9th
