Market report:It was a rollercoaster day in the Irish market yesterday, with the Iseq index of Irish shares eventually ending marginally lower despite the release of some positive trading statements.
Kingspan lost 2 per cent, or 44 cent, to end the day at €22.12 despite releasing a trading update saying it was confident that operating profits will increase by 20 per cent this year after good growth in the first four months. Dealers said there was nothing wrong with the statement, but that the stock had simply had such a good run of late that it was now the subject of some profit taking.
The situation was similar with Elan, which fell 3.9 per cent, or 55 cent, to €13.60 despite revealing no negative news at its agm yesterday. Dealers again attributed the decline to the recent strong gains. Elan shares jumped almost 19 per cent on Monday after the company said it plans to initiate phase three clinical trials of the Alzheimer's drug it is developing with partner Wyeth. Volume yesterday was light.
Fyffes was another loser, though this time the declines were a result of its own actions. The fruit distributor reduced its full-year earnings forecast by 25 per cent, citing higher fuel costs and losses at its melon joint venture.
As usual, Fyffes spin-offs Blackrock and Total Produce followed suit and moved in the same direction. Blackrock closed down 3.9 per cent, or 2 cent, at 49 cent, while Total Produce finished the day 1.2 per cent, or 1 cent, lower at 80 cent.
Elsewhere CRH was one of the better performers, rising 2.6 per cent, or 93 cent, to end the day at €37.04.
Settlement day: May 29th
