There was little grounds for optimism on the Dublin market today as stock exchanges closed for the weekend.
While AIB and Bank of Ireland posted gains on the day, there was "no rhyme or reason" to stock movements said one Dublin trader, as serious concerns about the status and future of Ireland's banks continued to weigh on markets.
AIB added 14 per cent to €0.34 on low volumes, amid widespread expectation that major dilution of current shareholder value is inevitable. Bank of Ireland was busier, though volumes were not as high as in previous days. It added 3 per cent to €0.26.
Irish Life & Permanent tumbled 14 per cent amid concern that the pension reform contained in the government's four-year plan will impact on earnings. It closed down 14 per cent to €0.51.
Overall, the Iseq succeeded in ending the week in positive territory, as the market rallied in tandem with the US opening.
This offset a very unsettled opening, as the market responded to reports that the Irish government is considering imposing burden-sharing on bondholders of Irish banks.
Elsewhere, ferry group ICG performed well, after the company announced it was in advanced discussions regarding a long term charter or sale of its ferry the "Bilbao". ICG's share price drifted towards the close, however, losing 0.3 per cent.
Independent News & Media added 5.6 per cent to €0.51, after it emerged that Denis O'Brien had bought four million shares, bringing his stake in the company to 21.5 per cent.
In terms of small cap companies, TVC Holdings finished down 2 per cent at €0.50, after a chunk of approximately 5 per cent of the company was traded yesterday. Norkom jumped almost 15 per cent, after it confirmed that it is in talks about a possible takeover. The financial software company closed at €1.09, a gain of 14 cents.
