Banks mark time in light trade after recent gains

MARKET REPORT: Dublin fell alongside markets across Europe yesterday, giving up just under a quarter of 1 per cent in relatively light trading.

Traders said the financial stocks were treading water after the gains of recent days though they described the market as "fairly resilient".

AIB was unchanged on the day on €14.90 having traded in a 15-cent range between €14.80 and €14.95 at various stages. Volume was roughly a third of normal trade in Dublin.

Bank of Ireland saw more interest but slipped 11 cents to close the session on €12.03.

Even Anglo Irish Bank was becalmed, finishing the day where it started - on €17.90.

Irish Life & Permanent was the one financial to see more activity than usual. It opened strongly, continuing to notch up gains in the wake of Thursday's positive trading statement. At one stage, it hit €13.70 before it gave a little back to close on €13.55, down 10 cents on the day.

Among the industrials, Eircom continued to be in demand as investors adjust portfolios ahead of the new year. More than 2.5 million shares in the telco changed hands as it traded in a tight range before closing the day unchanged on €1.69.

CRH saw a little profit-taking at the end of a week in which it had performed strongly, ending on €19.90, down nine cents.

Ryanair also closed the week on the retreat after weakness overnight in its US-listed ADRs, shedding 16 cents to €5.32.

Waterford Wedgwood, on the other hand, bounced back after drifting in recent days following the formalising of the impending rights issue. The shares added half a cent to close on seven cents. Among other second-liners, Kingspan saw decent trade and added six cents to its overnight close of €6.80. Elan was 20 cents stronger on €20.20.

DCC gained a bit as its courtroom battle with Fyffes ended its second week. The shares were up six cents on €15.81 at the close while Fyffes was unchanged on €2.03 in heavy volumes.Dublin ReportSettlement Day: December 22nd