The end-of-year slump on the Irish market continued yesterday and there seems little immediate prospect of an improvement, given that institutional investors are beginning to close their books early in anticipation of Y2K complications when it comes to settlements. This trend is set to intensify over the next week, and the market is unlikely to see any serious influx of funds until the new year.
The main exception to the downward trend was a sharp jump by Athlone Extrusions ahead of results next week. The 22-cent jump by Athlone to €1.02 (£0.80) brings the share to its best level since August last year and presumably anticipates good results.
Leaders were sharply lower. Heavy profit-taking knocked CRH back another 73 cents to €18 (£14.18) although dealers saw some support for the shares at the lower level. AIB's trading update did not help the shares which closed down 15 cents on €12.50 (£9.84) while Bank of Ireland lost 27 cents to €7.88 (£6.21). Eircom was another to fall heavily and was 14 cents down on €3.96 (£3.12), while gains by Smurfit Stone in New York did not prevent Smurfit falling nine cents to €2.68 (£2.11).
Technology shares paused for breath after the recent phenomenal gains and Trintech was over $3 lower on Nasdaq at $60 (€58.54) although the share closed marginally firmer on €59.50 (£46.86) on the Neuer Markt.
Baltimore's accession to the FTSE 250 index next week seems to have been priced into the shares which closed 35p lower on £38.03 sterling (€60.34). Horizon eased back to a more realistic level and closed down 11 cents on €3.74 (£2.95).
