The Irish market closed fractionally lower in thin trading - with the low level trading being partly attributed to the inconclusive outcome to the American presidential election. Technology stocks were worst hit by the political uncertainty and this left most Irish techs sharply lower on the day.
On the home market, the biggest trading was once again in Bank of Ireland where 4.7 million shares traded between Dublin and London as the share dealt up five cents to €9.22. AIB was six cents higher in thinner volumes while Irish Life dropped five cents to €12.25 as it confirmed its bid for TSB Bank. The bid is thought to be €300E330 million.
Industrials were generally lower with CRH down 27 cents on €18.05 while Smurfit drifted two cents lower to €2.10. Small-scale profit-taking dragged Ryanair off its high and the share lost 10 cents to €9.90 and was almost $1 lower on $43 1/4 on Nasdaq where almost a quarter million ADSs - equivalent to one million ordinary shares - had traded by midday.
Eircom was three cents firmer on €3.23 but the latest speculation on a possible counter-bid for the fixed line business from Tony O'Reilly failed to reach the market to have any impact. If a counter-bid to the Denis O'Brien consortium does materialise then the main winners will be Eircom shareholders.
After pricing its follow-on share offering at 210p sterling, Parthus fell 9 1/2p to 216p sterling in London and was $2 lower on Nasdaq at $30 in midday trading. Other technology stocks to fall against the background of a weak Nasdaq included Iona and SmartForce. Baltimore, boosted by good third quarter results was 8 1/2p higher on 523 1/2p sterling while Conduit - ahead of interim results today - was 10 cents higher on €17.50 on the Neuer Markt.
