Market holds steady as investors await results

Market report: The Irish stock market finished the day little changed as investors looked ahead to a batch of results due for…

Market report: The Irish stock market finished the day little changed as investors looked ahead to a batch of results due for release later this week.

Anglo Irish Bank, which normally gains ground ahead of results, lost eight cent to €11.15 ahead of the release of full-year figures on Wednesday.

Although investors are expecting a good set of results, dealers said a single UK seller had put pressure on the stock, which stood out against its peers.

Bank of Ireland, which publishes first-half results on Thursday, gained 17 cent to €13.19 while AIB was up by 30 cent to €17.66 amid speculation it was poised to announce a deal with Aviva in relation to its life assurance business, Ark Life.

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Irish Life & Permanent gave up ground, however, shedding 25 cent to €15.30.

Elsewhere, Greencore was down five cent to €3.14 ahead of the release of results later today and amid continued uncertainty over reform of the EU sugar regime. Meanwhile, Viridian, which also posts figures today, was unchanged at €11.61.

In the food sector, Fyffes remained under pressure due to the prospect of banana tariff regime change, edging down by two cent to €2.08.

C&C was another of yesterday's losers, dropping by 16 cent or more than 3 per cent to €5.03 amid talk that its venture capital stakeholders, BC Partners, might again be seeking to exit.

Paddy Power, however, staged a bit of a recovery after last week's sharp fall as the company set about meeting investors to discuss its recent profit warning. It finished 53 cent, or 5 per cent, higher at €10.90.

Irish Continental Group also clawed back some of the recent lost ground, closing the day 25 cent, or 2.6 per cent, higher at €9.85.

Eircom shares slipped by two cent to €2.24 as the market continued to mull over the likelihood that Swisscom's due diligence on the company would lead to a bid.

Settlement Day: November 24th