Market Report: Elan provided one of the few features on a lacklustre Irish market yesterday, as the ISEQ closed marginally lower with overseas markets failing to provide much direction.
Settlement Day: April 29th
However, there was some good news with the announcement by C&C that it planned to float next month, the second Irish IPO this year after Eircom.
Shares in Elan continued their remarkable recent run, gaining 17 cents to €20.06 in Dublin. In New York, they hit the $24 mark, a 2 per cent gain on the day.
Otherwise, trading in Dublin was light, with volume in only a handful of stocks exceeding the one million level.
Bank of Ireland was among them, shedding eight cents to €10.55 as 1.1 million shares changed hands, although dealers noted that it had spent most of the day in a €10.60 to €10.65 trading range before giving up ground late in the day.
AIB edged down a cent to €12.72, but Anglo Irish, which releases interim results next week, had a better day, adding 10 cents to €13.55.
Irish Life & Permanent also gained ground, closing up five cents to €13.85.
Among industrials stocks, CRH shed 30 cents to €17.95.
It emerged yesterday that the building materials group has decided not to raise its 25 per cent stake in Israeli cement maker, Mashav.
Dealers said Kerry Group remained in good shape after the strong run in its share price last week.
The stock closed two cents higher at €16.32.
Elsewhere in the food sector, Donegal Creameries gave up some of its recent gains, losing 10 cents to €4.40.
Eircom was the busiest stock of the day, with 1.15 million shares traded but again failed to make headway, closing three cents or 2 per cent lower at €1.44.
Other movers on the day included Iona, down 15 cents at €5.65, and Irish Continental, which shed 20 cents to €12.40 ahead of its annual meeting on Friday.
