Market Report: The market was in lacklustre form yesterday, with the approach of Christmas already having a negative effect on volumes. The financials, as usual, were busier than most other stocks, but performances were mixed within the sector.
Settlement Day: December 9th
AIB continued to drop in the wake of Wednesday's trading statement, falling 12 cents to 12.10. Bank of Ireland rose one cent to 10.55, having traded in a tight range between €10.50 and 10.60 all day. The bank said it had bought back 450,000 shares on Wednesday at €10.54. This brings the total number of shares repurchased since November's results to 2.2 million, or 0.22 per cent of shares in issue.
Anglo Irish Bank had another stellar day as it added 35 cents to close at 12.03 on volume of 2.1 million shares.
Fyffes was among the best of the rest in volume terms, with some 3.8 million shares traded (perhaps with some double counting, according to dealers) as it rose one cent to 1.57. The company continues to benefit from the lower input costs that flow from a weaker dollar.
Ryanair rose three cents to 6.38 on news of new bases in Spain and Italy. Volume was relatively low however, with dealers expecting investors to remain cautious on the stock until the outcome of the Charleroi investigation is known in January.The airline has been upgraded from "hold" to "buy" by Smith Barney.
Elsewhere, renewed concerns over the use of HRT drugs sent Galen into negative territory in both London and Dublin, despite the absence of new information on the issue. Shares fell 40 cents to €10.40 on the ISEQ and dropped 13p sterling to 737p in London.
Greencore added one cent to close at €3.03 as it emerged that Bank of Ireland Securities Services now owns 21 per cent of the food company's shares on behalf of its clients.
