Market changes little despite dollar weakness

The Irish Stock Exchange finished little changed yesterday as the market shrugged off the weaker tone overseas caused by growing…

The Irish Stock Exchange finished little changed yesterday as the market shrugged off the weaker tone overseas caused by growing concerns about dollar weakness.

Performance among the leading stocks was mixed in relatively light volume. Elan had a good day, adding 15 cents in Dublin to €21.60 following an upgrade by Moodys. But dealers said the stock was "jumpy" ahead of the anticipated announcement by the US FDA on multiple sclerosis drug Antegren later this week.

Other industrial stocks fared less well with CRH losing 15 cents to €19.25 while Ryanair shed seven cents to €5.00 as the market awaited results from its main rival, Easyjet, today.

In the banking sector, Anglo Irish Bank drifted lower, losing 16 cents or 1 per cent of its value to €15.80. AIB edged up by two cents to €14.42 while Bank of Ireland edged down by two cents to €11.60.

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Irish Life & Permanent was the best performer among the larger financials, adding 12 cents to €13.15 as analysts left their figures broadly unchanged following the company's presentation on the impact of accounting changes last week.

Elsewhere in the sector, IFG had a good day, adding three cents or 3 per cent to €0.93.

Dealers reported good interest in C&C, with nearly two million shares traded, as the stock inched up by four cents to €2.89.

Greencore was another gainer, adding nine cents to €3.00 ahead of the release of full-year earnings today.

Other companies due to release results today include United Drug, which was up three cents to €3.28, and Viridian whose shares were unchanged at €9.22.

Independent News & Media associate iTouch also releases third quarter figures. Shares in the media group were steady last night at €2.24.

Other movers yesterday included DCC, which was off 23 cents to €16.25, and Kingspan, which added eight cents to close at €6.95.