Settlement Date: November 1st: The Dublin market enjoyed a late bounce following the strong performance in European markets yesterday. Traders were keeping an eye on Wall Street at the close of business hoping that Irish shares would open higher today.
Elan was the main news with the company announcing a $1 billion loss in the third quarter of 2002, in line with market expectations. The company is now viewed as having the ability to trade its way out of its problems and its share price rose sharply ahead. In Dublin, Elan closed 27 cents better at €1.78 and traded well ahead in New York during the day.
Otherwise CRH continued to fall with the shares losing another 30 cents to end at €11.80. The Dublin market was awash with rumours that the company would be the subject of negative media comment in the US today although this later proved unfounded. Concerns about the group's exposure to asbestos claims still linger and are continuing to depress the stock.
The banks enjoyed mixed fortunes with some investors switching out of Bank of Ireland and into AIB. Bank of Ireland stock lost 30 cents falling to €10.80 while AIB gained 15 cents to close at €13.67. Of the other financial stocks traded, First Active ended 10 cents higher at €4.90 with Irish Life & Permanent went 15 cents higher at €11.55.
Ryanair was stronger ahead of its results next week. The shares ended at €6.45, up 25 cents.
Waterford Wedgwood was also in demand with the shares closing one cent better at 41 cents amid rumours that the company may be taken private in the future.
