Summer tedium came early to the Irish stock market, with the market getting little inspiration from overseas to drive it one way or the other. The Fed's overnight decision to hold interest rates while warning of monetary tightening had little effect on trading. Low volumes characterised yesterday's trading and dealers see little improvement in sight.
Bank of Ireland did see some continued buying interest, dealing up 17 cents to €18.15 (£14.29), while AIB was unchanged on €13.90 (£10.95). Other financial shares were weaker with Irish Life & Permanent 20 cents lower on €12.00 (£9.45) and Anglo Irish drifting 3 cents easier to €2.52 (£1.98).
Industrials provided the same level of tedium. Even a positive research note from Morgan Stanley failed to have much impact on CRH, which drifted 5 cents lower to €17.80 (£14.02). Morgan Stanley has put an "outperform" tag on CRH with a price target of €20.50 (£16.15).
DCC fell on profit-taking after its good results and closed down 17 cents on €7.95 (£6.26). Glanbia was another 3 cents weaker on €1.62 (£1.28) while Smurfit drifted 1 cent easier on €2.34 (£1.84).
In New York, Elan was trading over $1 firmer above $58 at the close despite the announcement that a generic version of Elan's Verelan hyper tension drug has been given approval and will go on sale immediately. Other Irish stocks were generally firmer, with CBT, Iona and Icon all marginally ahead, although Esat was trading $1 easier around $42 at the Dublin close.
