Market report: Eircom was the big story on the Irish stock market yesterday as billionaire financier Mr George Soros sold the bulk of his stake in the telecoms company for nearly €24 million.
Despite the placing of 14.6 million shares at €1.64 each, Eircom shares managed to close the day three cent higher at €1.67 as demand for the stock outstripped supply.
Glanbia was the other feature of the day, adding 13 cent or nearly 5 per cent to €2.75 as it announced the €14.5 million acquisition of a German ingredients business. Though small, the purchase is considered a strategic move for the company, moving it into the higher-margin food ingredients business.
The banks had a mixed day as the sector awaits the release of AIB's trading update tomorrow and the publication of the Competition Authority's report into the industry next week.
AIB lost 27 cent, or 1.8 per cent, to €14.67 as IFSRA published its report into foreign exchange overcharging and the Faldor saga at the bank. However, dealers said the report contained no real surprises and was not an important issue for the share price.
Meanwhile, Irish Life & Permanent lost five cent to €13.20 and Bank of Ireland shed five cent to €11.75. Only Anglo Irish Bank managed to advance, adding seven cent to €17.30.
Other movers yesterday included Irish Continental Group, which continued to suffer from the industrial dispute at Irish Ferries. The shares closed 18 cent, or 1.6 per cent, lower at €10.90.
Elan also slipped, losing 35 cent to €19.60, while Ryanair finished 13 cent lower at €5.40, contributing to an overall drop of 0.6 per cent in the ISEQ index.
By contrast, C&C moved ahead, gaining seven cent to €2.92. Among the smaller stocks, Qualceram held steady at €1.75 as brokers set about downgrading their full-year forecasts following Monday's profit warning from the bathroom manufacturer.
Settlement Day: December 10th
