Weakness by Elan after its all-share takeover of Dura pharmaceuticals and some market indigestion with the CRH share placing were the main factors behind yesterday's weak performance by the Irish market.
Financial shares were actually more than 1 per cent firmer, but any weakness by Elan - which makes up 25 per cent of the index - negates positive moves elsewhere.
Elan's €2.50 fall to €57 needs to be put in some context - trading in Dublin amounted to the grand total of 150 shares. Most trading is in New York and there the shares were trading a few dollars lower in the morning session, not because of any great scepticism over the Dura deal but more indigestion at the extra 34 million Elan shares that will come on the market as a result.
CRH fell 52 cents to €18 - the same price as the placing of 5 per cent new equity late last week - and should be well-supported around that level. Among leading financials, Irish Life was 15 cents higher on €10.55 as Credit Suisse First Boston began coverage of the stock with a "hold" recommendation.
Hefty trading in the two big banks in both Dublin and London saw AIB go 10 cents higher to €10.68 and Bank of Ireland also 10 cents firmer on €7.20.
Eircom was unchanged on €2.55, as shareholders get into shape for tomorrow's annual general meeting and the inevitable row over the directors' pay package and the share option scheme for 400 senior managers.
