ISEQ falls 35.48 at close of trading
The ISEQ index of Irish shares closed at 5053.30 down 35.48 points.
Ryanair dropped 11c to €4.96.
This followed the news Credit Suisse First Boston has changed Ryanair's rating from underperformance to outperform.
The bank also significantly reduced the price target it had set previously for the low fares airline from €8.10 to €4.42.
They expressed the view that confidence had been lost in the Ryanair model by recent European Union rulings on subsidies.
CRH was down 10c to €17.05.
Yesterday saw a four month extension for US highway funding. This gives the Senate and House of Representatives time to resolve the funding issue for the next programme of highway building.
They are trying to resolve how the increases will be funded as any proposal to do so through tax hikes are likely to fail.
There was mixed reaction to house builders in Britain stating that forward sales of new housing there is 40% ahead by value compared to the same period last year.
UK house building is a strong driver of growth for both Abbey and McInerney.
Abbey was up 5c to €7.70 while McInerney was down 3c to €5.17.
Qualceram was up 10c to €1.90. On Monday the bathroom manufacturer announced that it had sold its former production site in Hanley, Stoke-on-Trent for £4m (€5.84m) in cash.
This is expected to result in significant cost savings to Qualceram Shires and the proceeds of the sale will be used to reduce the group's debt.
Financials were all down with Anglo Irish down 27c to €12.97, AIB down 18c to €13.07 and Bank of Ireland down 8c to €11.08.
