Iseq: 2,888.22 (–33.33) Settlement date: June 20thEQUITY MARKETS sold off yesterday as rifts deepened between EU authorities over Greek debt restructuring, and the Iseq index retreated in line with its European counterparts.
Building materials group CRH made a weak start to the day, and disappointing US data on homebuilder sentiment published in the afternoon added further pressure to the stock.
CRH closed the session at €14.17, down more than 2.5 per cent or 37.5 cent.
Builders merchant and DIY retailer Grafton Group traded as low as €3.22 at one point on no news, but staged a recovery to close just below €3.33, leaving it four cent down.
Food ingredients group Kerry surprised brokers by losing ground, as it is considered to be a very defensive stock.
“It tends to do well in a market where people are concerned about growth,” a broker said, explaining that the stock’s behaviour yesterday was unusual given the market concerns arising from the turmoil in Greece.
However, Kerry was among the weakest names on the day, shedding close to 3 per cent, or 77 cent, to €28.33.
One of the few strong performances of the day was delivered by drug manufacturer Elan, which rose almost 3 per cent, or 20 cent, to €7.56.
Elsewhere in the sector, United Drug added two cent to €2.27.
One broker said the market lacked direction because of the macro backdrop. “Really the market is lacking conviction [because of] uncertainty. Therefore there is a lack of buyers,” he said. “The market hates uncertainty.”
On the sell side, deleveraging continues as investors unwind their positions, and this is having an impact on stock prices, he said.
Overall the Iseq index fell more than 1 per cent to 2,888.22.
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