Dublin follows global market trend downward

Market Report: Disappointing economic data in the United States dragged global markets down yesterday. Dublin followed the trend finishing over 54 points or almost 1 per cent lower.

Warner Chilcott was once again the dominant corporate story as the market digested news that a rival consortium led by Bain Capital may join the Waren consortium, whose 862p per share offer has been accepted by the company.

The news saw Warner Chilcott open 13 cents lower in London. Sentiment swung back and forth on a day when more than 29 million shares changed hands, and the stock closed only six cents down on 861p.

In Dublin, trade was much lighter, with the stock finishing on €12.30, down 16 cents.

Elsewhere, dealers said closing prices were not necessarily reflective of the bulk of the day's trade.

Bank of Ireland ended the day 11 cents weaker on €10.75. AIB was a bit quieter yesterday after a busy Thursday and slipped 18 cents to €13.65. Anglo Irish Bank gave up 20 cents to €14.90 but the majority of trade in both those banks was at higher levels. Irish Life & Permanent was 30 cents down on the day on €13.20.

Leading industrial CRH followed the trend to record a 33-cent fall to €18.70 having traded up to €19.05 as the market opened. CRH has been boosted by a company briefing for analysts and institutional investors last Tuesday.

The markets most recent arrivals saw decent demand, with more than 800,000 shares moving in C&C at €2.56, two cents off the previous close. Eircom was unchanged on the day but saw good two-way business at €1.64, with 4.3 million shares traded.

Lessening fears for oil prices pushed Ryanair 10 cents ahead to €4.09 while continuing good sentiment saw bookmaker Paddy Power 11 cents stronger on €10.39 at the close.

Elan, which announced a $850 million fundraising, was eight cents weaker in Dublin on €20.20 as investors took profits.

Settlement Day: November 3rd