Dublin report:A lack of stock-specific news combined with the beginning of half-term in Britain resulted in a lacklustre day's trading in the Irish market yesterday.
However, a small number of stocks such as DCC and Independent News & Media managed to buck the trend.
Recent reports that DCC may be considering selling its 49 per cent stake in homebuilders Manor Homes created considerable investor interest yesterday, and drove the share price up by 50 cent, almost 2 per cent, to €26.70. Despite the advance, one trader remarked that volumes traded in DCC shares over the day were "surprisingly thin" at 301,125.
Investors also reacted positively to the news that Independent News & Media's takeover bid for Australian publishers APN has received approval from the target company's board. Having benefited last week on the confirmation of Denis O'Brien's stakebuilding, IN&M's share price rose by a further three cent, or 0.91 per cent, to reach €3.33 yesterday.
In the financial sector, Anglo Irish Bank and Bank of Ireland generated the most significant levels of investor activity, although both banks finished down at the end of the day. Anglo Irish Bank fell back by eight cent to finish at€ 16.04, while BoI shed five cent down to €17.90. AIB's share price also weakened yesterday, dropping by 15 cent to €23.10. In the construction sector, the CRH share price dropped by 19 cent over the day to close down at €32.03.
According to one trader, investors are becoming increasingly cautious on Aer Lingus. Yesterday's news that Siptu members had voted in favour of strike action further eroded investor confidence, causing the share price to take a dip of five cent, or 1.75 per cent, to €2.80.
