Independent sees most of the action but shares unchanged

Market Report: The ISEQ failed to catch much of the strong upward momentum apparent in other European markets yesterday, with shares ending up just 0.4 per cent in remarkably quiet trade.

Dealers said the market's defensive face was holding most stocks back from volatile swings.

A dearth of corporate news kept volumes low, with just a handful of stocks trading more than one million units. The exception was Independent News & Media, where volume of almost 3.7 million shares was recorded.

Dealers said the stock had seen a seller over the past few days, with most trade coming at 1.60. The company closed unchanged at the same level last night.

Most other stocks were steady on quiet trade, as investors held back in advance of the forthcoming interims season, which begins on August 27th with results from Glanbia and FBD.

In financials, AIB closed two cents higher at €12.28, while Bank of Ireland gained five cents to finish at 10.75. Anglo Irish Bank was unchanged at 8.70.

CRH added 10 cents to end the day at €15.95, as fewer than 600,000 shares changed hands. Ryanair was 10 cents stronger at 6.18.

Waterford Wedgwood was firm on the back of last week's positive US retail sales data, closing up one cent at 28 cents.

Elan, which is facing into its fifth deadline for filing 2002 accounts, dropped seven cents to close at 4.15. The stock has shed almost 20 per cent since the start of July.

Elsewhere, DCC added 32 cents to close at €10.62 as just 60,000 shares were traded. Grafton lost five cents to close at 4.40 on similarly poor volume. Qualceram was 15 cents lower at €1.30.