Heavy trading in Smurfit was once again the main feature of an otherwise dull day on the Dublin market, where price movements were inconsequential and turnover relatively low.
Until recent days, Smurfit had staged a modest recovery and had reached a high for the year of €2.26. But sentiment has once again turned negative as brokers have reduced their 2001 and 2002 forecasts for the stock. In volume of 4.4 million shares, Smurfit shares fell back another six cents to €2.10.
The next biggest trading was in Fyffes where 3.2 million shares changed hands as the share drifted one cent to €1.00. Turnover of this size in Fyffes inevitably produces speculation that the McCann family has been back buying, so the market will be watching for announcements.
Elsewhere, there was more than a million shares traded in most of the leaders, and among the financials, AIB was nine cents higher on €12.99, Bank of Ireland drifted a cent to €11.34, Irish Life was five cents higher on €13.24, while Anglo Irish was three cents higher on €4.30.
CRH was the best of the industrials, gaining 21 cents to €20.48, while Independent gained five cents to €2.60 after bullish a.g.m. comments with more than 1.4 million shares trading.
In London, Baltimore managed to regain 1-1/2p to 64-3/4p sterling (€1.08-1/2 ) but the share is still well-offered and there is little light at the end of the tunnel for shareholders. Trintech, another technology stocks that has bombed in the past year, benefited from positive comment on its first-quarter results and gained seven cents to €3.12 on the Neuer Markt.
