International markets may have come off their best levels just before the Irish market closed, but share prices in Dublin were firmer yesterday although the only real volume was in Eircom.
Almost 5.4 million Eircom shares traded as the price jumped 12 cents to #2.47 following the confirmation of the Eircell/Vodafone deal and the announcement of a raft of cost-measures. There was also trading in Eircom shares in London where more than three million shares traded as investors took positions on the potential value of the Eircell deal and a sale of the Eircom rump at #1.10 a share or upwards.
Greencore jumped five cents to #2.58 in very small volumes. But the share has been given a boost by news that Canadian investment group Sprucegrove - which has $5.5 billion under management worldwide - has been a recent heavy buyer of the shares. Sprucegrove has now disclosed a 5.33 per cent stake, having never previously been above the 3 per cent disclosure level.
Most of the leaders made modest gains with AIB up 19 cents on #11.64, Bank of Ireland up 30 cents on #9.70, while CRH gained 36 cents to #18.50. Jurys Doyle added 22 cents to #8.62 after confirming that foot-and-mouth disease will have a very limited impact on its earnings, while IWP gained 19 cents to #1.69 after Friday's trading statement.
Irish technology shares were mixed with Parthus falling to a new low after falling 11p to 65 1/2p sterling in London. Baltimore managed a 4p gain to 78p sterling. In New York, Iona bounced back from what seemed to be an oversold position and by midday was up more than $2 on $27.77.
