Yesterday was another day of tedium on the Irish market, with little movement in prices and low volumes, as investors waited for some signal from Fed chairman Mr Alan Greenspan on the next move on US rates. Until some signal comes, dealers believe the market is likely to remain very quiet.
Pharmaceutical stocks, however, got timely boosts from announcements about product developments with both Galen and Elan well up on the day. Galen trades in small size in Dublin but still dealt up 61 cents to €13.06 while in London - where the bulk of the shares trade - they were 30p higher on 820p sterling. Elan dealt up more than $1 to more than $49-1/2 in New York after a positive announcement on the development of its MS and Crohn's disease drugs.
Price movements among the leaders were modest with AIB down 13 cents on €12.80, while Bank of Ireland lost two cents to €9.98. Weak telecom shares left Eircom another three cents lower on €2.43, while CRH was one of the few to buck the downward trend with a 10 cent gain to €18.90.
Ire-Tex did not trade in Dublin but was 1-1/2p higher on 26p sterling in London as it emerged that former and current managing directors have tabled rival conditional bids for the packaging group. Among technology shares, Parthus was 4p firmer on 187p sterling in London ahead of results today, while others to shine included Riverdeep which closed 35p higher on €4.00.
