Share prices continued to drift lower in Dublin in lacklustre trading despite the marginally firmer London market. The main weakness was once again concentrated on the main financial stocks, most of which closed lower. Bank of Ireland has come back a long way from its £15.63 high of earlier this year and closed down another 20p yesterday on £13.45. Other financials were also weaker, with AIB down 6p on 935p, Irish Life 5p lower on 600p while Irish Permanent lost 10p to 885p.
Industrials were mixed with Smurfit continuing to drift as the market waits for the next moves on the JS Corp/Stone merger. Smurfit was 1p lower on 248p although Davy has set an end-1999 target of 400p for the shares.
CRH gained 6p to £10.55 but, among the second-liners, Clondalkin dropped 25p in a late deal to 685p while DCC was 10p lower on 690p as three directors paid the balance due on partly-paid shares. Independent was 6 1/2p higher on 420p after hitting 432p in earlier trading.
Dragon Oil did not trade from its last price of 63p but was offered at 50p as its 46 per cent shareholder and chairman, Mr Arafin Panigoro, disclosed that he wanted to sell his stake.
On Nasdaq, Esat traded busily as the market responded favourably to the early liberalisation of the voice telephony market. The shares traded up to an all-time high of $38 in early dealing but fell back towards the overnight level of $35 7/8 as the Irish market closed.
