Dublin report:The Irish market yesterday ventured into negative territory for the first time this week, underperforming its European peers, most of whom made gains.
The Iseq index of Irish shares closed down 31 points at 9,512 due to a mixed performance.
DCC was again strong, adding to the 4.6 per cent it jumped on Thursday on the back of rumours it had sold its part-owned property group Manor Park. Despite an outright denial from the company, the shares rose another 2.9 per cent, or 75 cent, to end the week at €26.75.
Aer Lingus was also a strong mover, gaining 3.8 per cent as it continued to benefit from the ratification of the Open Skies agreement and the expected impact that will have on its long-haul business. Shares in the former State airline closed up 12 cent, at €3.27, leaving them almost 12 per cent ahead of where they started the week.
Fyffes put in a poor showing, dropping 4.4 per cent, or 5 cent, to €1.10 after reporting a significant, but expected, decline in profits. The company, which during the year spun off both its general produce and property divisions, attributed the decline to the lifting of restrictions on European banana imports. The company is forecasting EBIT for 2007 of €20 million, compared with €19 million last year.
Total Produce, the new name for Fyffes' general produce division, closed unchanged at 88 cent, after dropping as much as 3.4 per cent earlier in the day.
Blackrock, the property division, was also a loser, closing down 1.9 per cent, at 52 cent.
Elsewhere, Bank of Ireland continued its recent losing streak, dropping a further 1 per cent, or 17 cent, to €16.63. The stock is down 3.6 per cent this week after releasing a bullish but disappointing trading update on Wednesday.
