Market stays in doldrums while Elan and IFG fall

The Irish stock market closed the day unchanged as yesterday's batch of results proved a mixed bag for investors.

The Irish stock market closed the day unchanged as yesterday's batch of results proved a mixed bag for investors.

While United Drug and Viridian pleased the market with strong figures, Greencore's full-year figures did not go down as well and the shares gave up 10 cent, or 3 per cent, to €2.90.

Although the group delivered a strong second-half performance, the numbers were behind consensus forecasts.

"They were alright but it was hard to be very impressed," said one dealer.

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"They are facing a very competitive market in the UK and the loss of the Nestle contract, while there are concerns over the sugar regime. The question is where is the upside going to come from."

In contrast, United Drug shares added nine cent, or 2.7 per cent, to €3.37 as analysts described the figures as "smashing".

Viridian results also impressed the market although the share price was unchanged at €9.22.

Also reporting yesterday was Independent News & Media associate iTouch, although a good set of figures failed to lift the newspaper group's share price which added just one cent to €2.25.

Other good performers yesterday included Ryanair, which added five cent to €5.05 following good results from Easyjet, and Grafton Group, which gained 13 cent to €7.53. IAWS was also among the gainers, rising by 17 cent to €11.20, while C&C remained strong, closing three cent higher at €2.92.

But Elan struggled yesterday, giving up 70 cent, or 3 per cent, in Dublin to €20.90 as investors awaited developments on Antegren.

IFG was another of the day's losers, shedding 13 cent, or nearly 14 per cent, of its value to €0.80 after issuing a profit warning.

Banking stocks had a mixed day with AIB up 15 cent to €14.57 and Bank of Ireland one cent firmer at €11.61, but Anglo Irish Bank gave up 12 cent to €15.68 ahead of today's results.