Ryanair and CRH solid performers on turbulent day

Iseq: 2,506.48 (-39.03) Settlement date: August 10th:THERE WAS a further sell-off in Irish equities yesterday, as the fear which has gripped global markets showed no signs of abating.

Following the global rout on Thursday, the Iseq fell sharply in early trading. However, it climbed steadily back to surpass Thursday’s close by lunchtime, following the release of better than expected employment numbers in the US. But the Iseq fell back once more later in the afternoon, indicating the inherent nervousness of the markets.

It finished the day down by 39.03 points, or 1.53 per cent at 2,506.48, but managed to hold up better than other European markets, thanks to positive performances from CRH and Ryanair.

CRH added 8 cent, or 0.7 per cent, to advance to € 12.22, while Ryanair gained 5 cent, or 1.6 per cent, to climb to €3.10, following the move by the airline to purchase four million of its own shares at €3.11.

Defensive stocks such as CC and DCC were also stronger on the day. CC added 8 cent, or 2.5 per cent, to climb to € 3.25, while DCC gained 29 cent, or 1.6 per cent, to finish the day up at €17.60. Also finishing the day in the black were Kingspan, which advanced by 2 cent, or 0.3 per cent to €5.85, and the Grafton Group. It gained 2 cent, or 0.8 per cent to close up at €2.65.

Among the financials AIB was particularly weak on the back of its announcement that it would de-list its ADRs in the US, giving up 3 cent, or 35.5 per cent, to retreat to € 0.06, while Bank of Ireland lost almost 1 cent, or 6.5 per cent to drop back to € 0.09.

Smurfit Kappa remained under severe pressure yesterday. It lost seven cent, or 1.3 per cent, to finish the day down at € 5.15.

Dragon Oil gave up 40 cent, or 6.8 per cent, to close down at €5.45.