Ryanair bucks the trend as negative Iseq reacts to Italy

Iseq: 2,661.55 (-25.71) Settlement date: November 14thIT WAS A relatively busy day in the Dublin market yesterday, according to traders, but the sentiment was largely negative with the Iseq down just under 1 per cent.

Just five stocks on the main market closed the day higher – Aryzta, Irish Continental Group, Kerry Group, Ryanair and United Drug – as events were overshadowed by the Italian bonds crisis.

Ryanair was the best performer, up 1.27 per cent to close at €3.60. One trader said this was a spin-off from a strong set of interim results on Monday in which Ryanair upgraded its profit forecast for the year by 10 per cent.

Kerry Group finished up 1.1 per cent at €26.45. Traders said it had benefited from being a “good defensive growth stock” with a “solid earnings profile” in the current economic climate.

Food group Greencore was down 7.7 per cent at 72 cents, making it the biggest faller on the day. The world’s biggest sandwich maker is currently the subject of a takeover from a third party, reported to be Clayton, Dubilier Rice, an American private equity group.

Grafton’s shares fell 5.28 per cent to €2.6. The builders merchanting and DIY company released an interim management statement that was behind market expectations.

Tullow Oil was down 6.23 per cent at €15.894 on news that it had abandoned a well in Liberia and delays at its Jubilee field in Ghana.

CRH also fell back, by 2.4 per cent to €12.70, after a 4 per cent gain the previous day following its decision to move its primary listing to London. About 3.5 million CRH shares traded in Dublin yesterday compared with 2.4 million in London, traders said.

Packaging group Smurfit Kappa was down 6 per cent at one point yesterday following the release of third-quarter results but it bounced back following an analysts conference call with management to close the day unchanged at €5.