Market report: C&C was the main focus on the Irish stock market yesterday as BC Partners placed a 7 per cent shareholding in the drinks and snacks group.
The private equity company sold 23 million shares at €5 each. The move, which reduced its stake to 8.6 per cent, was welcomed by the market as reducing the overhang on the shares that has existed since flotation. The shares closed at €5.09, down four cent on the day but above the €5 placing price.
Eircom was also a feature yesterday, with more than 20 million shares traded between the Dublin and London markets.
The stock added four cent, or 2 per cent, to €1.95 as pressure built for Swisscom to clarify its intentions toward the company.
Other notable movers included DCC, which lost 40 cent or 2.5 per cent, to €15.50, despite winning a court case to recover €20 million in damages from a Taiwanese company. The stock is due to shortly exit the MSCI small cap index.
Fyffes was active as it see-sawed, initially opening weaker and dropping to €1.99 as the market fretted about the impact of EU banana regime reform.
But it later recovered, running up to €2.12 before slipping back to end the day at €2.11, off two cent.
Kerry Group had another good day, advancing by a further 20 cent or 1 per cent, to €18.65 as dealers reported some switching out of IAWS. Elsewhere in the food sector, Greencore added five cent to €3.49.
Ryanair remained weak, shedding 14 cent or 1.9 per cent to €7.19 amid market talk that chief executive Michael O'Leary might be considering the sale of some of his shares.
In the banking sector, Anglo Irish Bank was active, although the shares finished unchanged at €11.77 as management continued its marketing effort with investors in Britain and the US.
AIB, which is expected to issue an update on Tuesday, lost seven cent to €18.13, while Bank of Ireland was also weak, closing 12 cent lower at €13.03.
Settlement Day: December 2nd
