Market Report - Dublin

After profit-taking had brought the market lower in the morning session, share prices regained some ground after the publication…

After profit-taking had brought the market lower in the morning session, share prices regained some ground after the publication of the American employment figures to close down marginally on the day.

The American figures were seen as benign with a big increase in employment not being accompanied by a rise in average earnings, and Wall Street opened sharply higher.

The banks - which have notched up the biggest gains during the latest phase of the bull market - suffered most from the profit-takers, with Allied Irish Banks down 12p on 795p while Bank of Ireland drifted 8 1/4p lower to £12.41 3/4.

Irish Life lost 5p to 500p while Irish Permanent was unchanged on 950p.

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For a change, it was the industrials which held their ground and CRH edged 2 1/2p higher to 882 1/2p, while Smurfit gained 1p to 204p.

News of further buying by the McCann family helped Fyffes end 2p up on the day in thin trading, while newcomer Athlone was unchanged on 113p as it emerged that two of the biggest shareholders had sold more than five million shares at 102p on the first day of trading.

Avonmore Waterford moved 4p to a new 310p high, Irish Continental gained 10p to £10.80, Kerry also hit a new high with a 10p gain to 850p, while Golden Vale drifted 3p but was supported at 107p ahead of results next week.