C&C see-saws in volatile day's trading

Dublin report:It was not a day for the faint-hearted in Dublin as the market endured yet another volatile session.

Although the Iseq finished down just 10.29 points, or 0.16 per cent, the day started with a considerably bleaker outlook following yesterday's significant losses.

Concerns about a possible downturn in the US economy hung over the markets, with financials hit in early trading.

C&C was the big story of the morning, after a trading update confirmed that financial results would be at the lower end of the scale. Stock was sold off heavily following the statement, triggering a slide of 17.5 per cent in the share price. But buyers crept back in the afternoon, and the drinks group closed on €3.840, only 1.03 per cent down on the previous day's trading.

Among the financials, Anglo Irish again bore the brunt of the losses, finishing 3.18 per cent down. Other financial stocks rallied as the session progressed, with Bank of Ireland and Irish Life & Permanent flat.

Concerns about recession affected oil prices, which dipped below $90. One of the beneficiaries was Ryanair, which saw its stock rise by 1.88 per cent to €3.749 in heavy volumes.

However, it had the opposite impact on some of the oil companies, including Dragon Oil, which finished 5.63 per cent down, despite a reasonably positive trading statement early in the day.

Grafton continued to be hit heavily, losing 0.27 per cent, a loss that analysts speculated could be related to continuing worries over the credit crunch.

Meanwhile, talks between Glanbia and its meat division that could result in a management buyout caused its shares to slide more than 3 per cent to €4.70.

Independent News & Media saw its shares slip more than 6.5 per cent during the day.