Iseq:2,845.55 (+19.60) Settlement date:January 26th

GREENCORE PROVED to be the biggest loser on the Irish market as speculation mounted that Indian entrepreneur Ranjit Boparan was close to placing a last minute bid for Northern Foods.

The convenience food producer tumbled more than 5 per cent, or almost seven cents, to €1.20, as its proposed merger with Northern Foods appeared to be under threat, as a rival offer from Boparan became increasingly likely.

Elsewhere, Readymix put in a decent performance given the downbeat trading update it released yesterday. In a statement to the stock exchange, the cement manufacturer said it expects to make an operating loss of about €15 million in 2010. This compares to an operating loss of about €11 million in 2009.

Revenues are also expected to be down 36 per cent compared to 2009, reflecting ongoing difficulties in the construction sector.

The stock gained almost 5 per cent on the day, although given the low levels at which it is trading, this represented a rise of just 1 cent, bringing it to 22 cents.

Aer Lingus weakened in the morning session, but held up well over the day given the ongoing dispute with cabin crew. The stock had recovered by the close, finishing flat at €1.04.

Ryanair moved in the opposite direction, gaining initially before slipping back. The airline is due to report results at the end of the month and one broker speculated that yesterday’s fall may have been a result of analysts “talking it down”. The stock finished 2.5 cents down at just under €3.47.

Independent News & Media was fairly strong, gaining close to 6 per cent, or 3.3 cents, to 61.4 cents.

CRH broke through the €15 mark after trading about €14.80 on Thursday. It closed at €15.08, up almost 2 per cent, or 29 cents.

Overall the Iseq was up about 0.7 per cent at 2,845.55.