Iseq joins European retreat

Stocks across Europe were mostly in retreat today as reported earnings from major corporations such as British oil giant BP and Swiss bank UBS missed analysts' estimates.

The risk that Washington might fail to raise the US debt limit also weighed on sentiment, although the FTSE 100 edged up 0.1 per cent.

In Dublin, the Iseq slid 0.85 per cent as major stocks such as CRH, Ryanair and Elan went in reverse.

Most of the trading action was in Bank of Ireland, which rose 6.9 per cent to 11 cent as the bank's rights issue closed. The results of the rights issue are expected to be known shortly. The take-up by investors will determine the exact stake that the State will hold in the bank.

Building materials group CRH lost the head of its US products and distribution business, Bill Sandbrook, who has resigned "to pursue other interests", according to a statement from the company. The news was described as "a bit of a surprise" by one Dublin-based dealer. The stock fell 2.3 per cent to €¤13.98, although this was broadly in line with sentiment in the sector.

Elsewhere, share price moves were largely minor on a day of moderate trading volumes.

Independent News & Media's share price suffered as a result of a mixed trading update from The Daily Mail and General Trust, which noted a weakening in UK advertising revenues. IN&M finished the session down almost 4 per cent at 37 cent.

Ryanair declined almost 1.5 per cent to €3.35, after oil prices rallied in the afternoon. After the close of trading, the airline published its annual report, which shows that chief executive Michael O'Leary was paid a total of €1.1 million in the year to the end of March 2011.

Pharmaceutical group Elan fell 3.2 per cent to €8.52 on its Dublin listing ahead of the publication of its second quarter results tomorrow, despite the release of data by Biogen, Elan's partner on the multiple sclerosis drug Tysabri, showed higher than expected sales in the second quarter.