The Irish market suffered a mixed day yesterday as some of the leaders gained but second-line stocks continued to slip back. Traders said there was little going on with most international markets focused on the weekend G7 deputy finance ministers meeting in Tokyo to see if it could offer further support to the ailing Japanese yen.
Worries over a possible near-term rise in British interest rates also weighed on sentiment. The concerns have intensified over the week after a string of strong economic data, including wages and higher inflation. On top of that, Bank of England governor, Mr Eddie George said consumer spending was still too strong for comfort.
Most of the financials gained somewhat, but Bank of Ireland was an exception falling back 25p to £13.35 but dealers said volumes were light overall. AIB, by contrast, put on 6p to 969p. Irish Permanent put on 5p to close at 830p a share.
Other dealers said there was also some focus on Esat following its announcement on May 29th that it will be conducting a second public offering. It added $2 3/4 to $34 7/8 on the US Nasdaq market. CRH closed down 3p at £10.25 while Smurfit put on a penny to close at 220p. Fyffes closed up 5p at 175p, while Irish Continental Group put on 10p to close at £12.30.
