Bank stocks remained weak on the domestic market with losses across the board. Overall, there was little to inspire any serious trading and turnover in most of the larger shares remained very low.
Top-of-the-range results from Ryanair initially did nothing more than send the shares down four cents but they soon recovered to close 17 cents higher on €8.22. At this level, Ryanair is trading on a huge premium to what is admittedly a bombed-out European airline sector. Further substantial gains are seen as unlikely with Ryanair's targeted 25 per cent growth pretty well factored into valuations.
Among the financials, it was all red ink with AIB down 18 cents on €10.20, Bank of Ireland 12 cents lower on €7.07, while Irish Life fell 18 cents to €8.95. First Active hit another new low with a five cent fall to €1.75. Recent poor industry inventory figures continue to dog Smurfit, which fell four cents to €1.97 in turnover of over two million shares. Eircom fell three cents to €3.00, while CRH fell 20 cents to €18.00.
Dunloe Ewart fell six cents to €0.34 as further news is awaited on the €0.47 buyout offer by the company.
Green - another possible MBO candidate - regained eight cents to €6.05, while Waterford Wedgwood was one cent firmer on €1.16 on reports that the group may be planning further moves into the luxury goods market with bids for watchmaker Jaeger-LeCoultre and Sara Lee's Coach leather goods subsidiary.
