Green surges on news it might be taken private

Shares in Green Property surged on the news that the company might be taken private in what was otherwise a quiet day on the Dublin market. Green closed at €6.40, up more than 13 per cent amidst reports that it is one of the many quoted property companies that are considering abandoning the stock market because of the large discount in its share price to its net asset value. Turnover was reasonable, with 347,445 shares changing hands. Adare has announced that it has opted to proceed with discussions on a management buyout with its chief executive, Mr Nelson Loane. Shares in the print and packaging group closed up slightly at €8.35, having started the day at €8.30.

Overall, the market was subdued, with the ISEQ index of leading Irish stocks closing at 5,011.53, up 0.93 per cent. A relatively small amount of dealing in Elan shares was a major factor in the rise in the index. The pharmaceutical company closed up from €43.5 at €44.2, although it marked smaller gains on Wall Street. Shares in Fyffes fell ahead of the release of its interim figures on Monday and reports that a number of brokers are planning to downgrade the fruit company. Fyffes finished last night at €1.45, having opened at €1.48.

Ryanair, which also reports results next week, was down as well. It closed at €8.10 compared to an opening level of €8.30. The low-cost airline is expected to announce improved profit and revenue figures driven by strong growth on new European routes. Baltimore fell 14.49 per cent in late trading in London on its last day in the FTSE 100. It closed at £4.86 sterling.