Grafton Falls as Remains Cautious on Outlook: Dublin MoverDara Doyle
Grafton Group Plc, the Irish building materials supplier, fell the most in a month in Dublin trading after the company said it “remains cautious about the near-term outlook.”
Grafton fell as much as 3 percent to 5.44 euros in Dublin, the biggest drop in intraday trading since April 5, and traded at 5.45 euros as of 10:15 a.m. Trading volume in the stock was 1.3 times the average for the past three months at about 588,000 shares.
Sales for the four months to the end of April were 677 million euros, little changed from 676 million euros in the same period last year, the company said today. Like-for-like sales in the Irish retailing operation fell 8.7 percent.
“On the back of this statement we are trimming back our top-line figures, especially in Irish retail,” Robert Eason, an analyst at Goodbody Stockbrokers in Dublin who has a buy recommendation on the stock, said in a note. “While the share price may pause for breath in the short-term, given recent