Iseq's slide tracks fall in values across US and Europe

Iseq: 2,545.51 (–93.64)

THERE WAS “carnage” on the Irish stock market yesterday, as Irish stocks suffered on the back of a very rough day on markets across Europe and the US.

The Iseq fell back 3.4 per cent or 88.96 points to close at 2,550.19, amid very heavy selling pressure right across the board.

Although the European Central Bank’s decision to resurrect its asset purchase scheme gave markets a small lift about lunchtime, this impact fell off later in the day. Volumes were light overall, and poor liquidity in smaller stocks exaggerated their decline.

Building materials firm Kingspan was particularly weak, as it gave up 66 cent, or 10.4 per cent, to close down at €5.70. Smurfit Kappa was also hit badly, and it lost 43 cent, or 7.3 per cent, to finish down at €5.48.

Grafton Group was in line with the Iseq overall, giving up 10 cent, or 3.5 per cent, to fall back to €2.73, while CRH slightly out-performed the index, losing 32 cent, or 2.5 per cent, to close at €12.25.

“There was no escape for anything, even stocks which should be relatively stable,” one trader said.

DCC declined 62 cent, or 3.4 per cent, to finish at € 17.49, while United Drug lost 7 cent, or 3.6 per cent, to close at €2.08.

Food group Kerry suffered on the back of a profit warning for one of its peers, and it lost 50 cent, or 1.8 per cent, to fall back to €26.66.

There were just a few bright spots on the day. Bank of Ireland was the only European bank to end the day in the black, and it closed the day flat at €0.09. Exploration firm Petroneft was also strong, due to a new oil field find in Russia. It advanced 13 per cent, adding 4 cent to finish up at €0.41.

Food group Fyffes was up 1 per cent on the day, at € 0.42, while Ryanair also ended the day in positive territory. It closed up by one cent, or 0.4 per cent, at €3.06.

Settlement date: August 9th