Stock markets continued their roller-coaster ride and, in Dublin, the market regained about half a per cent yesterday. After all the volatility of the past week, the market is down just 1.3 per cent on the previous week's close and less than 4 per cent off the all-time high of mid-October.
Most of the leaders regained differing amounts of lost ground. Bank of Ireland staged the most impressive recovery, closing up 14p on 842p while AIB - a possible bidder in the expected Czech bank privatisations - was 5p higher on 565p. CRH was 10p higher on 800p while Smurfit jumped 2p to 197p after announcing a $120 million (£80 million) investment in Mexico.
NCB has warned that recent events in the Far East could reduce American packaging exports to the region. This could, in turn, hit containerboard prices in the US and could revive the speculation that Smurfit will forge a merger of JS Corp with Tenneco, Union Camp or Stone Container.
Elan is reported to be planning a $250 million convertible loan stock issue. The shares did not trade in Dublin but was trading at the dollar equivalent of £32.98 in New York, down 16p.
Elsewhere, DCC dropped 26p to 425p ahead of results but turnover in the share was very small. Greencore gained 4 1/2p to 312p, Marlborough drifted 2p to 110p while Ryanair was 10p lower on 335p. After good interim results and other positive news, Tullow hit a new high with a 10p gain to 127p.
