Market report:Although its debut on both the Irish IEX and London's AIM market is not expected until next Tuesday, IAWS spin-off Origin Enterprises nevertheless proved to be the main talking point on the Irish market yesterday.
Origin announced yesterday that it has set its flotation price at €3 per share, which places the company's market capitalisation in the €400 million region. Its IPO yesterday was oversubscribed, which bodes well for its flotation next week.
Elsewhere, volume was particularly heavy in C&C, pushing its share price up by 0.41 per cent, or 5 cent, to €12.20. Dealers attributed this interest to speculation that a buy-back of shares by C&C is underway.
Meanwhile, Ryanair lost altitude yesterday, plummeting by 2.25 per cent, or 12 cent, to €5.21.
The stock weakened over the course of the morning and was pushed down even further when a media report emerged after lunch suggesting that the airline's takeover bid for Aer Lingus is expected to be rejected by the European Commission.
CRH succumbed to negative sentiment evident in the construction sector yesterday, and shed 1.78 per cent, or 64 cent, to finish at €35.31.
The negative trend affecting financials stocks globally yesterday was amplified on the home front. None of the banks were spared, with Allied Irish Bank sliding down by 16 cent to €22.50, while Bank of Ireland fell by 8 cent to €16.52. Anglo Irish Bank was off 5 cent on the day, bringing its share price down to €17.45.
Irish Life & Permanent didn't escape either, slipping to €20.74, a drop of 1.24 per cent, or 26 cent.
FBD managed to buck the trend, however, and closed up 1.29 per cent, just under 50 cent, at €39.15.
Settlement day: June 4th
