AIB continued to dominate events on the Irish stock market, with the share sharply lower as the switching into the stock from other Irish leading stocks fizzled out. AIB lost 20 cents to €11.95 yesterday and the share will remain weak until events at Allfirst are clarified over the next few months. Bank of Ireland edged two cents higher to €10.67.
Ryanair gave up most of last Friday's gains after the completion of the placing of 26 million shares and fell 44 cents to €6.30 in turnover of 2.8 million shares. American investment group Wellington has emerged as a 4.6 per cent shareholder in the airline although the disclosure was late because Wellington did not aggregate its Ryanair ordinary shares and Nasdaq-listed American Depositary Receipts.
There was heavy trading in Dublin in Elan but the 99-cent rise to €16.49 merely brought the share in line with its dollar price on the New York Stock Exchange. In New York, the shares were trading 38 cents lower by midday on $14.42. CRH lost 10 cents to €19 while Independent regained more ground and closed four cents higher on €1.84 after disclosing it bought back one million shares on Friday at €1.80.
The long-term litigation against DCC continues to be a drag on Fyffes and the shares fell four cents to €1.10 in very heavy turnover - some 4.2 million shares. Glanbia bounced back from a heavy fall late last week and closed 13 cents higher on €1.24. Kingspan remained under heavy pressure after Friday's profits warning and the unexplained heavy selling ahead of that profits warning and lost six cents to €2.64.
Alphyra is the latest technology stock to come under the cosh and fell 49 cents to €2.01 - the stock has now almost halved since the start of the year.
Bula was up 10 per cent in Dublin at 22 cents for the units of 10 shares and up 20 per cent in London after British newspapers reported that an unknown Irish investor, one Brendan Johnston, had bought 70 million shares last week. If this is the case, then the market will be expecting a disclosure as 70 million shares is above the 3 per cent disclosure threshold.
