Iseq slips in line with global markets

The Iseq slipped back today in line with global markets after a very strong performance in the previous session.

It slightly outperformed its peers in Europe for most of the day however, ending the day only marginally lower, mainly due to an advance by index-heavyweight CRH which finished 0.5 per cent higher on good volumes.

The two main banks were down following the announcement by the Minister for Finance yesterday evening of a draft business plan for the National Asset Management Agency.

The fall-off also reflected trends in financials globally, as US banking earnings failed to live up to the better-than-expected results posted by JP Morgan yesterday.

AIB was weak throughout the day, closing 3.5 per cent down to end the session at €2.76. Bank of Ireland also traded lower throughout the session, closing 3 per cent off at €2.75, a drop of 9 cent.

Irish Life & Permanent, which is not directly effected by Nama, advanced on the day, ending over 2.5 per cent higher at €5.50.

It was a good day for Smurfit Kappa and Kerry, with both stocks advancing 2.5 per cent. Packaging company Smurfit continued its run of recent days, gaining 15 cent on the day to end at €6.15.

Volumes were above average on Kerry Group which gained 50 cent to end at €20.00. Its price may have been boosted by positive news from European food groups

Independent News & Media was another strong performer. It advanced over 8 per cent - a gain of 2 cent - on well-above average volumes.

As the price of oil continued to rise, budget airline Ryanair was off 6 cent - just over 1.5 per cent at €3.39. Former state carrier Aer Lingus, which traded lower for most of the day, rallied in late trading to end the session flat at €0.74.

Britain's FTSE closed lower as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The FTSE was down 0.6 per cent, or 33.15 points at 5,222.95.

The Paris CAC ended up marginally higher at 3,888 while the DAX shed 0.4 per cent to close at 5,831.

In the US, the Dow Jones industrial average briefly turned positive today as resurgent crude oil prices lifted energy shares, but at 18.00 GMT it was trading slightly slower at 10,004. The Nasdaq was also down at 2,164.