Iseq: 2,821.28 (–3.89) Settlement date: August 3rdTHE IRISH market treaded water yesterday as the US debt stand-off looked set to continue into the weekend, and European corporate results continued to disappoint.
Index bellwether CRH faced an uphill battle as results in its sector yet again emphasised the weak outlook for the US construction market, to which it has a large exposure. However, the cement giant shrugged off any negative read-through from the results of its peers HeidelbergCement and Saint-Gobain, and climbed to a high of €13.80 during the session. The stock had pared its gains by the close, but was still six cent ahead at €13.70.
Builders’ merchant and DIY retailing group Grafton came under pressure after UK peer Travis Perkins issued a cautious trading update, and slipped as low as €2.82 at one point. It had recovered somewhat by the closing bell, finishing about five cent off at €2.91, on decent volume.
Drug maker Elan compounded its losses from Thursday, shedding more than 5 per cent, or 43 cent, to finish at €7.82. The stock got an initial bounce after reporting its second-quarter results on Wednesday, but fell out of favour with investors as the week advanced.
In the food sector, ingredients group Glanbia closed eight cent off at just under €4.57. Bakery business Aryzta rose more than 3 per cent, or €1.17, to €37.57, albeit on thin volume.
Elsewhere, Smurfit Kappa advanced more than 2 per cent, or 14.5 cent, to almost €7.17, despite speculation from brokers that the paper and packaging group’s second-quarter results are unlikely to contain any positive catalysts when they are released next month.
Though the Iseq made early gains, these had evaporated by the close, leaving the gauge about 0.14 per cent down.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)