The ISEQ finished trading this week on a subdued note closing down 1.87 per cent after a threeday run of gains and tracking the Footsie, which took its downward cue from higher than-expected British domestic growth figures.
Most other European bourses followed an early setback on the Dow Jones after its seven-day consecutive run.
Overall, Dublin finished a mere 0.35 per cent ahead of last week's close of 4183.09 despite the midweek surges on the back of the Dow Jones recent advances. In Europe, hopes have faded for the moment of the Bundesbank reducing interest rates. In the US, the expectation is growing that interest rates will be cut in November on fears that struggling world growth will continue to cause financial hardship amongst Japanese banks as well the US economy.
Banks were the main losers in yesterday's consolidation with AIB, which continues to be dogged by the DIRT scandal, taking the biggest hit over the week, down 41p over seven days to 914p, after reaching an intra-week high of 960p. But its US subsidiary, First Maryland Bancorp, performed well, showing a 12 per cent rise in core pre-tax profits of $63.5 million (£42.05 million).
Bank of Ireland fared better, slipping 47p yesterday in heavy trading but gaining over the week by 3p, closing at £11.63. Irish Life closed down 10.75p on the week, finishing trading yesterday at 520p. Irish Permanent, which has enjoyed a good run recently, closed at 860p, 20p up on last week's closing price. Elan's performance continued to underscore the perception of the value of pharmaceuticals, closing at £45.24 1/2 yesterday in comparison to last week's close of £40.88. Smurfit eased back 1.5p yesterday in profit-taking but a two-day run on the back of JS Corp third-quarter figures and a Goodbody recommendation ensured it was 7p up on last week at 109p.
Adare's indication that it may bid for the British labels manufacturer, Ferguson, drew little support from shareholders. The price remained static at 620p after some reaction on Thursday. Ovoca had a good week, rising from 12p to 18p on three deals on Thursday, but surging ahead yesterday on a 30p deal. Shareholders may be encouraged by the chief executive Mr Frank Buckley's comments at Thursday's a.g.m. that a mineralisation find was likely to take place before Christmas.
