Reaction to the Fed's rate cut on Wednesday was muted on international markets, although the Nasdaq market was trading about 2 per cent higher during the afternoon session in Dublin. Turnover in Dublin was chunky in selected stocks, with sizeable trading in Eircom, Anglo Irish, AIB, Bank of Ireland, Smurfit and Waterford Wedgwood.
CRH was the day's biggest loser, down 62 cents on #17.60, as the European Commission began an investigation into the Addtek acquisition. With Vodafone up another 5p to 229p sterling, Eircom gained another five cents to #2.65, and will stay well-supported as long as the Vodafone share remains firm. AIB was down 13 cents on #11.92, while Bank of Ireland gained another 21 cents to #10.31.
US-exposed stocks did well following the interest rate cut, and Smurfit posted a five cent gain to #1.95. Waterford Wedgwood gained seven cents to #1.22, while IAWS added 15 cents to #7.05.
IFG edged a cent ahead to #3.06 as Fidelity disclosed that it has increased its stake from 8.9 per cent to 9.03 per cent. Merrill Lynch has emerged as a big seller of Greencore in recent months and now holds a 6.27 per cent stake, down from 10.9 per cent in December. Technology shares were mixed, with Baltimore losing 4p to 73p sterling, although Parthus continued to recover and gained seven cents to 89p sterling. On Nasdaq, the best performers were Smartforce and Iona, with both up almost 5 per cent as the Dublin market closed.
