There might not have been much of note on the Dublin market yesterday, but the market's biggest stock, Elan, saw a flurry of trading on its main market in New York and hit a 12-month high of $60.13 in midday trading on vague speculation that it might be the focus of a bid.
The takeover rumours, which mentioned Novartis and AHP as possible predators, were dismissed by dealers but they were enough to produce very heavy trading in the stock.
On the home market, the announcement of a high-flying new chief executive did not do much for Bank of Ireland shares, which fell 22 cents to €10.76 in a volume of more than two million shares. Other financials saw thinner trading and AIB was unchanged on €12.55 after a trading statement that contained no surprises. Irish Life & Permanent gained 20 cents to €13.70.
The Munster takeover battle did not generate much activity, with Golden Vale one cent easier on €1.45 while Kerry regained three cents to €13.48. The market still believes that a higher Kerry bid at €1.50 or above is the most likely outcome.
Elsewhere, CRH drifted 21 cents lower to €20.87, while Smurfit continued to be volatile and lost nine cents to €2.19, although turnover in the share was lower than usual. Riverdeep eased five cents to €5.20 after the big placing of some of Pat McDonagh's holding, while Baltimore fell 2p to yet another low of 47p sterling. [N O](€0.76). At this rate, it must be only a matter of time before Baltimore is hit by a takeover bid.
