Market Report

Business drew to a virtual halt on the Dublin market yesterday, with most trade conducted by parties seeking to settle their books before the end of 2003. Volumes were weak across the board, thus creating ideal conditions for erratic movements.

The main banks had a mixed day, with AIB moving ahead by six cents to 12.46 and Bank of Ireland falling four cents to 10.64. The bank said it had bought back 310,000 of its own shares on Friday, paying 10.5327 per share.

Anglo Irish was also weaker, declining by 23 cents to €12.47 on reasonably good volume. Irish Life & Permanent lost 15 cents to finish at 12.25.

Elsewhere, Gresham rose five cents to €1.15 as the company said a takeover offer of 1.35 per share had been rejected by its dominant shareholder, Red Sea Hotels.

Fellow hotelier, Jurys Doyle, shed 28 cents to close at €9.60 on minimal volume.

Waterford Wedgwood fell 0.1 cent to 21.5 cents on volume of some 3.9 million shares. Dealers said yesterday was effectively the last day for trading in the firm's nil-paid rights. Attention is meanwhile turning to the take-up of the rights issue.

FBD rose 27 cents to 13.35 as its largest shareholder, Farmer Business Developments, said it had placed one million shares with an unnamed buyer.

Dragon Oil was unchanged at 45 cents after announcing that it would raise 15 million by placing 36.5 million shares.

CRH was well supported throughout the day before finishing 20 cents stronger at 16.30.

Greencore was also solid as it climbed 11 cents to €3.30.