Market Report

Business was brisk in Dublin yesterday though market direction was unsure. Prices fell when the market opened, as a few sellers appeared, before rallying strongly in mid-session, only to drift towards the close.

The index closed down marginally with only the financial shares finishing in the black. They were helped by a strong showing from AIB, which consolidated the notable gains of Tuesday, moving ahead a further eight cents to €14.38 in volume of 2.3 million shares.

Bank of Ireland was the only bank stock to lose on the day, slipping six cents to €11.22. The star of the day among the financials was Anglo Irish, which broke though the €7 ceiling to close up 23 cents at €7.15 in exceptional volume of more than seven million shares.

Irish Life & Permanent marked time, adding just two cents to €10.47 in what, relatively speaking, was the lightest trade of the day. First Active closed 17 cents stronger at €4.63.

Away from the financials, the notable features were the 49-cent slide in CRH following a trading statement that warned of the perils of a weak dollar. The statement was little surprise to traders but the stock, which had recovered to €14.40 after early weakness, retreated to close on €14.01.

Waterford Wedgwood recorded the highest volume of the day, 12.5 million, distorted by a single trade of 10 million shares at 22 cents towards the close. Dealers said a seller had been hanging around for a few days and they hoped the clearing of the position would put a floor under the stock, which has also been hit by the dollar.