Iseq drops slightly on quiet day of trading

The Iseq failed to sustain its two-day rally today, finishing 1.6 per cent lower on a mixed day for European markets.

Overall, volumes were fairly quiet in line with the European trend, as the markets geared up for a public holiday on Monday in Britain and the US.

In Dublin, Ryanair and Bank of Ireland saw the most activity in terms of volumes, while elsewhere on the index it was relatively quiet.

The Iseq's fall was attributable to a 4 per cent slide by construction giant CRH, the largest constituent on the Iseq. The fall comes as chief executive Myles Lee said the company is considering a number of possible acquisitions, and despite positive US aggregate volume figures. However, analysts pointed out that the slide came on the back of light volumes.

Elsewhere, banks had a mixed day. AIB finished the session pretty much flat at just under 71 cent. Bank of Ireland saw decent two-way activity, but lost 4.5 per cent to close at 74 cent. The nil rights fell back from the previous closing price of 19 cent to stand at 17.5 cent at closing yesterday.

Irish Life & Permanent was the worst performer among Irish financials, shedding just over 5 per cent or 11 cent, to finish below the €2 mark, at €1.93, with analysts suggesting that reports of rising mortgage arrears may be affecting investor sentiment.

Ryanair was one of the most traded stocks ahead of its full year results next Tuesday. The stock advanced 1.2 per cent or 4 cent to end the session at €3.29.

Pharmaceutical company Elan also performed well, consolidating the gains of the previous session to add 3.3 per cent on the back of an upbeat assessment of the group's prospects at the company's AGM on Thursday.

Drinks company C&C shed almost 4 per cent to end the session at €3.21 though this was on light volumes.

Independent News & Media added 4 per cent to 12 cent ahead of the company's AGM next Wednesday.