Profit-taking after its recent strong run following bumper half-year results dragged CRH sharply lower on an otherwise dull Irish market yesterday. CRH's recent surge pushed the stock to the top of its sector and many investors have used this out-performance to take a profit - the shares dealt down 75 cents yesterday to €19.70 (£15.52).
Otherwise it was thin trade in Dublin. Esat did not trade on the local market but on Nasdaq the shares were bid up aggressively in early trading on speculation that Esat is set to buy part or all of Irish Internet service provider PostGem/IOL. At the close of the Dublin session, Esat was trading almost $3 higher on Nasdaq on $43.
Price changes in the leaders were small-scale, but Eircom slumped to another post-flotation low of €4.19 (£3.30). Understandably, Eircom's army of small investors are concerned at the recent slump in the shares, but really have little option but to hold tight. Selling out now would leave a very modest profit, at best, when dealing costs are taken into account.
AIB added six cents to €12.20 (£9.61) while Bank of Ireland was five cents higher on €9.00 (£7.09). Generally, financials failed to benefit from NatWest's high valuation of Legal & General. Irish Life & Permanent lost 13 cents to €9.85 (£7.76).
Among industrials, DCC gained 20 cents to €7.60 (£5.99), Greencore lost seven cents to €3.08 (£2.43) although IAWS continued its strong run and added another five cents to €4.30 (£3.39). Kerry - boosted by postresults upgrades - gained 20 cents to €12.20 (£9.61) while Smurfit was one cent firmer on €2.89 (£2.28).
