Financials off slightly as stocks lose early gains

Market report: Shares finished slightly weaker in Dublin yesterday, losing their early gains in the afternoon despite a late flurry of business. The ISEQ index finished almost 10 points, or 0.17 per cent, weaker, mirroring the experience of markets across Europe.

Almost all the financials were off a little bit. AIB, which has enjoyed a good run of late, slipped three cents to €13.82 with dealers pointing to a degree of profit-taking.

Bank of Ireland, which has seen little appetite from investors this week, was 12 cents, or more than 1 per cent, weaker, on €10.92. Dealers said there had been some switching from Bank of Ireland into AIB.

Irish Life & Permanent was one cent down on the day at €13.15 after going ex-dividend on Wednesday.

The one financial to buck the trend was Anglo Irish Bank, which, along with AIB, was presenting its case at an investor conference in London this week. It added six cents to hit €15.40.

Elsewhere, Ryanair continued to struggle. The stock has lost almost 9 per cent in the US this week on fears over the impact of higher oil prices and was six cents or 1.5 per cent weaker in Dublin yesterday on €3.81 with 3.7 million shares changing hands.

Independent News & Media was the stock most in demand on the Dublin market. Almost 5.5 million shares were traded as it moved in a relatively tight range between €.216 and €2.19, closing one cent ahead on €2.18. A fortnight ago, Independent was trading at €2.

Eircom was also in demand although the stock, which has been trading in a tight range, closed unchanged on 1.54.

Warner Chilcott, which now has three potential suitors sizing it up, was 18 cents firmer on €12 in Dublin. In London, where most trade in the stock takes place, was 8.5p stronger on 829 pence.

Waterford Wedgwood was once again under pressure, slipping 1.57 per cent to 12.5 cents.

Settlement Day: October 12th