Shares in Independent News & Media rose 7 per cent in an other wise quiet day's trading on the Dublin market yesterday with the ISEQ gaining 0.38 per cent to close at 5,108.85.
Independent's 23 cent rise to €3.45 - with 1.43 million shares changing hands - came despite news that its 70.6 per cent-owned subsidiary iTouch had set it's original share price well below the target for its flotation in London or August 2nd. At 70p. sterling per share, the company will be valued at £200 million - some £100 million less than the valuation suggested by the 100p-130p per share range mooted earlier.
A trader said Independent's share had been under pressure recently, reflecting doubt about the flotation plans.
Amongst other stocks, the financials gained 0.9 per cent. Bank of Ireland was wee-bid, rising 15 cents to €6.85, though Irish Life & Permanent finished two cents weaker at €8.18. AIB, which reports half-year interims next Wednesday, rose two cents to €9.18. The bank has notified Greencore - which closed at €2.95 yesterday, down three cents - that it now holds a 5.99 per cent in the food company.
Industrial stocks gained 2 per cent on the day, though much of the net gains were marginal. Large-cap drug firm Elan, for example, added just five cents to close at €53.80 and long-suffering Eircom added three cents to finish at €2.81.
Meanwhile, building materials firm CRH added just over half a percentage point as it gained 13 cents to close at €18.90.
Ryanair lost 10 cents to €9.15 and Smurfit was three cents stronger at €2.00 at the end of the day.
On the Nasdaq, Trintech was the leading Irish tech stock. Shares in the company were trading at €24 - up more than 4.9 per cent - shortly after lunchtime in New York. At $17 3/16, Iona was more than 1 per cent weaker and Riverdeep, trading at $18 9/16, was 0.34 per cent stronger. Parthus was 0.36 per cent stronger at $34 5/8.
