McInerney falls 12.5pc

Green_Bear · November 21, 2007, 5:47am

MCINERNEY Holdings, Ireland’s biggest publicly traded housing developer, fell the most in almost two months in Dublin trading on concern over Ireland and UK housing markets.

McInerney fell 12.5pc to €1.05, extending its decline over the last six months to 62pc.

British customer-owned lenders approved 14pc fewer loans for house purchases in October as tighter borrowing markets sapped demand, a report by the Building Societies Association showed. Charles Gallagher, chairman of McInerney’s Irish rival, Abbey, said the outlook for the British and Irish real estate market has worsened in the last six weeks as a credit shortage pushes debtcosts higher. “The house building sector is out of favour right now,” said Flor O’Donoghue at Davy Stockbrokers in Dublin. “McInerney is suffering in line with that.” (Bloomberg)

McInerney falls 12.5pc
independent.ie/business/iris … 25698.html

Gatelodge · November 21, 2007, 12:01pm

Down almost 2% again today, already.

daltonr · November 21, 2007, 6:33pm

Heading for penny share territory.

-Rd