The Dublin market was relatively quiet with end of year transactions accounting for the bulk of trading. Eircom was under pressure for most of the day, being hit by the weakness of Vodafone in London on news of a legal action by brain tumour victims in the US against a company in which it is a major shareholder.
Eircom shares lost 15 cents yesterday, ending the day at €2.50, with dealers expecting more of the same again today. Some dealers believe the shares will come under further pressure on concerns the Vodafone deal may fall apart and uncertainty about the conclusion of a deal to sell its fixed line business.
Smurfit on the other hand had a good day, benefiting from a good performance from its US Smurfit Stone subsidiary on Wall Street. The shares gained 13 cents to close at €2.06.
CRH was also marginally stronger, rising to €19.02, up two cents. The banks were generally weaker, hit by low levels of trading.
Bank of Ireland remained unchanged at €10.40, while AIB shed 10 cents to end at €12.35 - First Active was four cents higher at €2.24. Other stocks changing hands included Independent which closed three cents weaker at €2.87. Iona Technologies was stronger, rising by €10 to €70.
Jurys Doyle was better, adding 20 cents to €9, while Riverdeep was 10 cents weaker at €3.70.
Ryanair enjoyed a good run yesterday, adding 70 cents to close at €11.40. Dealers are expecting some more activity in the market today, the last day of the year, but volumes are still likely to be relatively thin.
