Mixed bag of results sees market remain static

DUBLIN REPORT:A MIXED BAG of half-year results saw the Irish market remain almost level at 4,494.92 yesterday at the end of a month that has seen a modest rally. Overall, the Iseq closed up 9.9 per cent for August.

Although financial stocks were pretty steady yesterday, all but one gave up some of their gains from earlier this week. Anglo Irish Bankfared the best, gaining 25 cent on the day to close up 4.4 per cent to €5.95. Less fortunate were Bank of Ireland, which lost 8 cent, or 1.5 per cent, to fall to €5.45, and Irish Life & Permanent, which also fell back by 8 cent or 1.2 per cent to €6.36.

AIBclosed the day down 5 cent or 0.6 per cent to €8.70.

McInerney made up some of its previous day's losses by gaining 13.8 per cent or 4 cent to close at €0.33. Smurfit Kappaalso performed well, climbing by 40 cent or 10 per cent to €4.40.

Elsewhere, it was another day of half-year earnings. Good results from Irish Continental Groupsaw the stock advance by 83 cents or 4.6 per cent to € 18.83, while relatively good results from IFG Groupsaw the stock rise by 8 cents or 5.4 per cent to € 1.55.

Grafton Groupsaid its pretax profits for the first six months of the year fell by 50 per cent to €53.4 million, leading to a 16 cent or 4 per cent drop in its share price, which closed at €3.84.

Fruit importer Fyffessaw its share price plummet by 30.3 per cent after it announced that it had lowered its profit forecast for the year. The stock closed down 15 cent to €0.35.

Despite releasing a weak statement, C&Cfinished up 12 cent or 5 per cent to close at €2.47 as the result was not as bad as had been feared by the market.

Food group Kerryfell by 50 cent or 2.6 per cent to finish at €18.50 following the announcement from the Competition Authority that it had blocked its €165 million purchase of Breeo.

Iseq: 4,494.92 (-0.03) Settlement date: September 3rd