Last-minute flurry limits extent of losses on day

MARKET REPORT: A flurry of business in the last 20 minutes saw shares recover from earlier lows in Dublin yesterday.

Having shed more than 1.5 per cent by early afternoon, the ISEQ closed down just under 30 points or 0.57 per cent at the close, making it the best performer among the European markets.

Industrial holding group DCC was the standout stock of the day, with almost three million shares changing hands as the price rose 40 cents to €12.80 on results that were seen as strongly positive.

Commenting on the performance against a falling market trend, one dealer said: "DCC made good ground after being unusually sluggish in the run-up to the results, a time during which it normally has a good run."

Volume was generally light elsewhere. The banks were all weaker though both AIB and Bank of Ireland came back off their lows. AIB tumbled 22 cents from its €12 opening to finish €11.78, though that marked a recovery from the €11.60 it hit earlier in the session. In after-hours trade, AIB had rallied further to €11.82.

Bank of Ireland closed off 10 cents at €9.90, having traded as low as €9.69 in the early afternoon. Irish Life & Permanent lost eight cents to €12.43.

Anglo Irish continued its poor recent run and was the worst financial performer on a bad day, surrendering 3.4 per cent of its value to close on €11.98, down 42 cents. Traders said the stock was struggling to find any support above €12.

Among the industrials, Eircom again came under pressure slipping five cents to €1.39 as broker Smith Barney initiated coverage with a hold recommendation and a target of €1.55, the stock's flotation price.

Elsewhere, Kingspan found a few buyers and decent volume. The price fell two cents to €4.53.

Elan rose on the back of New York trading last Friday and its 3.66 per cent gain to €18.14, up 64 cents, was one of the main reasons the Dublin market outperformed its peers.