Irish shares take severe beating in yet another week of turmoil
THE market turmoil has been the latest in a line of slumps for shares in recent years, and the ISEQ Index has not been immune to the worldwide chaos.
The benchmark Irish Index has lost more than 17pc since July 25 and few, if any, major stocks have avoided trouble. If you have invested in the Irish market, chances are you've had a pretty tough week.
A number of companies have taken advantage of the slump to buy back their shares at bargain prices, including Abbey, United Drug and Ryanair.
CRH is still by far the biggest company on the ISEQ, and now accounts for some 22pc of the entire index. The stock has taken a severe beating since July 25, with its reliance on the US for half its profits counting against it. Bad economic data from the US hit CRH's business hard but a decent set of interim results this week helped stanch the bleeding. Down 11.15pc since July 25.
Kerry started to decline in June and has continued to do so, but some traders reckon the stock was overpriced in the first place, having topped €30 earlier this summer. There is a feeling in some dealing rooms that €27 to €29 might be a more realistic price for the company, which reported increased profits over the first half of 2011. Down 9.47pc since July 25.
Glanbia has found itself in a similar position to Kerry, coming down from a high of more than €5. Unlike Kerry it hasn't had positive interims to shore up the price though -- they will be published on Wednesday. Down 17.4pc since July 25.
The pharmaceuticals giant has had a terrible time of late and with a strong following in the US, it has been hit hard by the turmoil. The stock has lost more than 20pc in the last three weeks.
The airline's share buyback has held the stock up reasonably well but in a downturn economy air travel always struggles. Down 10.69pc since July 25.