Dublin report: The Irish market was little changed yesterday, bucking the positive trends around Europe that were the result of takeover speculation and strong gains in mining stocks. Another dip in the price of oil also helped ease inflation and interest rate worries.
However, momentum on the Iseq was subdued, with little local news to spur things on. Dealers said they expected trading to remain relatively quiet for the rest of the week as many US investors took time off for the Thanksgiving holiday.
CRH was the busiest stock, ending the day up 20 cent, at €28.80. Dealers said there was nothing particular to spur that move, but wondered if at last the value in the stock was being realised.
All brokerages have repeatedly said this stock is undervalued compared to its building sector peers in Europe.
Bank of Ireland, which gained last week on the back of better-than-expected interim results and analyst upgrades, added another 2 cent, to close at €16.05, on a day when its main Irish peers declined in value.
Elsewhere, Irish Life & Permanent took a bit of a battering, losing 25 cent, or 1.3 per cent, to end the day at €19.55, a move dealers attributed in most part to profit-taking.
C&C continued its decline, slipping a further 12 cent, or 1 per cent, to close at €11.70.
Conversely, Ormonde Mining benefited from a positive trading update showing that one of its Spanish sites contains more zinc than expected.
The shares added 1 cent, or 4.4 per cent, to end the day at 24 cent.
Aer Lingus was little changed, down 1 cent at €2.74, as dealers attributed little significance to an announcement by Reach Capital Management that it holds 3.3 per cent of the company.
