DUBLIN REPORT: Iseq:2,922.33 (-6.89) Settlement date:December 18th: "DIRECTIONLESS" is how one broker described yesterday's Irish market, as the Iseq index continued to see light volumes in terms of shares traded.
The performance of the financial stocks was the main talking point among traders. All three listed banks ended the day in negative territory, in line with European financials which traded lower on the back of continuing concerns about the financial health of Greece and the announcement earlier this week that Austria’s sixth largest bank is to be nationalised.
Closer to home, a report from ratings agency Moody’s, which said that the credit outlook for the banking system remained negative, weighed on sentiment, while concerns expressed by Central Bank governor Patrick Honohan late in the day about the capital position of the banks also hit bank shares.
AIBsaw the largest falls, hitting a low of €1.10 at one stage, but recovering somewhat to end at €1.19, a fall of 6.3 per cent. Bank of Irelandlost 2.3 per cent to finish at €1.40 while Irish Life & Permanentshed just under 2 per cent to end the session at €4.53.
Independent News & Mediawas one of the best performers yesterday on very strong volumes, following the announcement that 97 per cent of the total number of new ordinary shares offered in the recent rights issue had been taken up. It gained 11 per cent on the day.
News that pharmaceutical company Elanhad modified doses in a clinical trial of a new drug it has been testing for Alzheimers disease sent the share price down initially but it recovered to end the day just under 2 per cent higher.
Smurfit Kappaadvanced three per cent on the day after the company said it was looking for acquisition opportunities in eastern Europe and Latin America and had had a "relatively decent" 2009. It closed at €6.32, a gain of 20 cents.
