Jurys leaps 64 cent on confirmation of buyer's bid

Market Report: Confirmation from Jurys Doyle Hotels that it was the subject of an approach that might lead to a bid for the group provided a late spark to an otherwise lacklustre day on the Dublin market.

Settlement Day: May 12th

The shares jumped 64 cent, or nearly 5 per cent, to €14 late in the day after the company announced the approach to the stock exchange just before 4pm.

Analysts said that, should a formal bid materialise, €14 was likely to look cheap. The stock price has now risen by over 15 per cent since the middle of last week.

Grafton lost ground despite a relatively upbeat statement to shareholders at the first annual meeting following the acquisition of rival Heitons.

The stock closed 25 cent weaker on the day at €8.60, with dealers suggesting that investors were nervous about a challenging DIY market in the UK. However, volume was light.

Kingspan's €20 million acquisition in Britain saw the stock rise nine cent in what was described as "good activity" to end the day at €9.25. "On a day when most shares were moving the other way, anything that finished in positive territory was doing well," said one dealer.

Ryanair was another outperformer, largely on the back of positive traffic figures for rival EasyJet. The airline was also the subject of an upgrade from Citigroup and closed on €5.72, nine cent stronger.

Fruit importer Fyffes continued its strong run since Thursday's bullish trading statement. The shares advanced another cent to €2.28 yesterday.

Among the financials, it was largely a quiet day with AIB taking a step forward and Bank of Ireland a step back. Anglo Irish was the most significant mover on the day in the sector, slipping 20 cent to €9.60.

AIB closed on €16.50, up five cent, with Bank of Ireland at €12.28, down 11 cent.

Waterford Wedgwood shares continued to trade between four and five cent as the market shows little appetite for the impending six-cent-a-share €100 million rights issue.