The FTSE's telecoms-driven surge to a new high did not filter through to the Irish market, which drifted lower with no great trading. Most leaders closed lower, but there were some strong performances by second-liners.
The best performer on the day was Waterford Wedgwood - one of the archetypal cyclical stocks - which closed up seven cents to €1.02 (£0.80). This means that the tabletop share is now up almost 42 per cent on the beginning of the year but is still trading at a discount to many in its peer group.
The announcement that British Land has bought half of its Cherrywood development and 5 per cent of its equity has given Dunloe Ewart a strong boost and the shares closed up 5 cents on €0.39 (£0.31). The view in the market was that the link-up was a hugely positive development for Dunloe, and not just for the financial injection. A partner of British Land's size and calibre is a major vote of confidence in the Irish property group, said one dealer.
Among the leaders, AIB edged 10 cents higher to €15.10 (£11.89) while Bank of Ireland was 121/2 cents higher on €19.25 (£15.16). CRH was five cents firmer on €18.15 (£14.29) although Smurfit gave up some of its recent gains, losing 14 cents to €2.26 (£1.78).
Second-liners were mixed, with Arnotts up 25 cents to €7.00 (£5.51), Clondalkin up 15 cents to €6.75 (£5.32) and Golden Vale up six cents to €1.20 (£0.95). Icon began trading on Dublin at €15.45 (£12.17) while Jurys was 18 cents easier on €8.82 (£6.95). Irish Life & Permanent was eight cents easier on €14.20 (£11.18) - Standard Life has disclosed a 4 per cent stake in the merged banking group.
In New York, Elan remained weak after Friday night's sharp fall and was trading over $1 weaker below $59 at the Dublin close. Trinity Biotech - soon to take a Dublin listing - was in string demand and was up almost 15 cents at around $2.20 while vague takeover talk generated speculative demand for Saville, which was trading almost $1 higher at over $14 at the Dublin close.
