Iseq joins European slide

Stocks fell across Europe today, and the Dublin market was no exception with most leading shares shedding value.

However, there were individual factors involved in at least some of the day’s changes. The Iseq index of Irish shares closed down 1.9 per cent at 3,026.01.

Ryanair finished 5.15 per cent off at €4.166 after a number of investors cashed in gains made earlier in the week and decided to sell ahead of its results announcement on Monday.

The Iseq’s biggest stock, building materials giant, CRH, shed 2.4 per cent to close at €13.445. The fall came after it emerged late today a leading US hedge fund has shorted one of CRH’s rivals in that market, Martin Marietta.

Paddy Power, which produced an upbeat trading statement ahead of its annual general meeting earlier today, rose 2.46 per cent to €48.50.

Readymix will delist from the Dublin market tomorrow after the failure of a legal challenge to Cemex’s successful offer for the outstanding stock in the company that it does not own.