Elan, CRH buck trend on quiet day of trading

Dublin report: Yesterday's UK holiday more than overshadowed trade on the Irish market, with volumes light across the board.

Price movements were also fairly limited among the main names, although Elan provided an exception as it climbed by 41 cent to €12.60. Dealers said the stock had been helped by a US broker's analysis on growth in the market for Alzheimer's drugs.

Attention also fell on CRH, which is due to report interims this morning. Shares added 37 cent to finish at €26.17. NCB, which has a price target on the stock of €32.50, said most of today's focus would be on the firm's outlook.

Other industrials did well too, with Kingspan rising by eight cent to €14.00. Prague media reports say the firm's Czech subsidiary increased sales by 13 per cent to about €58 million in 2005, although net profits fell back by 27 per cent. Goodbody forecasts that Kingspan's revenues in Central and Eastern Europe will grow by 23 per cent this year.

Ryanair was solid, with shares rising by 13 cent to €7.23 as the market looked to the planned arrival of fellow airline, Aer Lingus, at the end of next month.

The banks were sluggish as a whole, with AIB adding one cent to close at €20.20 and Bank of Ireland shedding 13 to end the session at €14.83. Anglo Irish finished at €12.92, up 12, as investors looked to a pre-close trading update due next Tuesday.

Irish Life & Permanent, which will present interim numbers on the same day, fell by five cent to €19.25.

Kerry Group, which is also scheduled to report interims a week from today, rose by five cent to €17.10. Unilever confirmed yesterday that a consortium involving Kerry had lost out on the acquisition of its branded European frozen food business.

Glanbia, which also reports first-half results next week, rose by one cent to close at €2.31. IAWS was firmer, adding 20 cent to end the day at €15.90.