DUBLIN REPORT: Iseq: 2,865.15 (+6.87) Settlement date: August 21stGREENCORE FELL during morning trade yesterday, due to investor fears that Ulster Bank might move to "dump" some of beleaguered property developer Liam Carroll's stake in the food group on the market, brokers said.
A stock market filing by solicitors Matheson Ormsby Prentice on Monday revealed that Ulster Bank had acquired rights over a 15.9 per cent shareholding in Greencore, which was interpreted by the market as being part of Mr Carroll’s near 30 per cent stake in the company.
However, although the stock drifted as low as €1.20 during the session, it staged a recovery over the course of the day to close flat at €1.27.
In the financial sector, Allied Irish Banks (AIB) drifted up to €2.12 at one point, but closed off almost six cent at €2, compounding Monday’s losses.
Meanwhile, weak results from Readymix saw the stock fall by almost 6 per cent, or one cent, to 16 cent.
Buildings materials group Kingspan was also off on the day, closing down 30 cent at €5.15.
Elsewhere in the construction sector index heavyweight CRH put in a better performance after losing 3 per cent in Monday’s session. The cement giant closed up nine cent on the day at €17.60, albeit on light volumes.
Indeed light volumes were the order of the day across the board, according to brokers.
However, the Irish reporting season kicks off in earnest next week, which should provide the market with a little more momentum.
Bookmakers Paddy Power marked up 10 cent to €17.70 in advance of reporting results next week.
Elsewhere, exploration company Tullow Oil, which is due to publish results next Wednesday, marked up 1.5 per cent – or 19 cent – to €12.20.
