MARKET REPORT: The market had another quiet day yesterday, slipping again on low volumes.
Weaker than expected economic figures out of the US helped to drag momentum down and a lack of much home news kept investors on the sidelines, traders said.
Even a very upbeat trading statement from Irish Life & Permanent failed to excite the market. The shares moved higher early in the day after the group said it had experienced strong trading in the first six months of the year and that it was on course to meet its targets for the full year. But they fell back at the close, pressured by the general sentiment, ending the day down five cent, or 0.3 per cent, at €18.20.
NCB said it would be upgrading its full-year forecasts by as much as 5 per cent following the statement. Oil exploration group Tullow was also a bearer of good news, and in this case an announcement that it had found oil in Uganda managed to prompt a sustained rise in the shares.
The stock added 29 cent, or almost 6 per cent, to €5.51. Hardman Resources, Tullow's partner in the Ugandan venture, said the initial results from drilling at their Wagara-1 well show that it has the potential to produce about 1,500 barrels of oil a day. Tullow has a 50 per cent stake in the well.
Elsewhere, the picture wasn't so healthy. The other financials put in poor performances, with Anglo Irish leading the way down.
Anglo lost 20 cent, or 1.8 per cent, to end the day at €10.90, while Bank of Ireland was down 14 cent, or 1 per cent, to €13.61.
AIB didn't fare much better, dropping 10 cent, or 0.5 per cent, to €18.15.
FBD was also down 10 cent, or 0.3 per cent, at €35, though dealers said they were hoping for an upbeat trading update on Monday. FBD also said yesterday that it had won approval for the payment of a €1.60 per share special dividend relating to the receipt of funds for the sale of a Spanish property.
