Activity fizzles out with most stocks ending in the red

Iseq: 2,607.11 (-31.51) Settlement date: November 23rdTHE ISEQ index closed down 1.2 per cent after market activity "fizzled out" according to dealers, with most stocks finishing in the red. Equity values "flatlined" in the afternoon after a midday rally failed to build up steam. Stocks across Europe declined over the course of a week in which sovereign borrowing costs surged once again.

On the Dublin market, Independent News & Media fell 10.2 per cent to 22 cent, after it published an interim management statement that described trading conditions as “erratic”.

Among the major stocks on the index, building materials group CRH fell 0.6 per cent to €12.80, having traded at the €13.30-€13.40 level earlier in the week. With Ryanair’s investor roadshow coming to an end, the stock drifted on the lack of further newsflow and it finished down 2.2 per cent at €3.55.

It was a similar story at paper and packaging group Smurfit Kappa, which closed down 2.8 per cent at €4.36, again without any specific news relating to the stock, but with investors reckoning that macro-economic wobbles mean fewer companies will need fewer of Smurfit Kappa’s boxes to store and ship goods around the world.

Analysts at Davy downgraded their earnings forecasts for Grafton and the stock traded down 3.2 per cent at €2.40.

Insurance group FBD advanced 7.4 per cent to €6.55 following the release of a positive-sounding interim management statement, in which it said premium trends had improved in the second half of the year. Financial group IFG, which released an interim management statement described as “solid” by Davy analyst Emer Lang, closed up 4.8 per cent at €1.10. Food group Kerry was one of the few stocks to attract decent trading volumes. It closed down 1.4 per cent at €25.61, in line with markets.