Irish shares ended marginally weaker as the market again missed out on the rally enjoyed by markets elsewhere. European shares soared after data showed the number of workers on US payrolls grew less than expected, easing inflation concerns and cooling the prospect of an imminent US interest-rate rise.
The US unemployment rate fell to a near 30-year low of 4.1 per cent as hiring rebounded from weakness caused by Hurricane Floyd, the government said. Fed officials gather on November 16th to decide whether to raise borrowing costs for a third time this year. Analysts have said the decision is likely to be a close call. Fed chairman Mr Alan Greenspan has made it clear he is keeping a close eye on the labour market for possible signs of inflationary pressures.
In Europe, all major bourses posted strong gains after the data. But Dublin closed 0.1 per cent lower on the day. Financial shares had a mixed performance with AIB gaining five cents to €12.15 (£9.57) and Anglo Irish adding eight cents to €2.40 (£1.89). However, Bank of Ireland shed seven cents to close at €8.04 (£6.33) and Irish Life & Permanent lost 20 cents to finish the week at €10 (£7.88).
Earlier, the two companies announced they were considering a joint bid for Ulster Bank.
There was no distinct pattern among industrial stocks either with CRH down 14 cents on the day at €18.04 (£14.21), Eircom off two cents at €4 (£3.15) but Smurfit up eight cents to €2.70 (£2.13).
Barlo, which announced interim figures on Thursday, added eight cents to 90 cents (71p) while Hibernian shares again failed to trade although they continued to be indicated at higher levels in the wake of the CGU bid.
