ISEQ gives up yesterday's gains
The Dublin's ISEQ gave up some of yesterday's gains this morning. The index was down 32 points, or 0.65%, to 5042 at 10.30am.
The main banks slumped around 1%. AIB dropped 17 cent to €12.97, BOI shed 13 cent to €10.92 and Irish L&P was 15 cent lighter at €12.90. Anglo was also down, falling 5 cent to €12.60.
Building stocks were more subdued today after yesterday's impressive performance. Today McInerney was down 3 cent to €5.12 and Heiton was 16 cent lighter at €4.20. Abbey limited losses though, falling 10 cent to €8.10. The building company enjoyed a round of broker updates yesterday after posting bumper results.
Elsewhere movers included Elan which fell 11 cent to €6.25 and Ireland's largest betting firm Paddy Power was 5 cent stronger at €7.55 following a positive trading statement from UK rival William Hill this morning.
Fruit distribution company Fyffes added 5 cent to €1.70, recouping yesterday's losses. The current weakness of the dollar is viewed as beneficial for the firm as it reduces it's importing costs. Iona continued to benefit from the rally hitting tech stocks in Europe following Nokia's positive Q4 results yesterday.Iona climbed 30 cent to €4.70 this morning.
In London the FTSE100 was down 0.3% as Royal Dutch/Shell shares tumbled on investor concern about the company's plans to reclassify 20% of its proved oil and gas reserves. Shares in the oil company fell 6%.
On the currency markets, the euro is worth £0.695 and is still riding high against the dollar at $1.275.
