DUBLIN REPORT: Iseq:2,873.60 (+0.40) Settlement date:March 3rd
ALTHOUGH THE National Asset Management Agency (Nama) got the green light from the EU Commission yesterday, the news did little to boost banking stocks.
“They didn’t really benefit from that, as there are still too many unknowns,” one broker said, explaining that EU approval was more or less expected.
AIB,which has results out next Tuesday, closed the session more or less unchanged at a little over 98 cent, while Bank of Irelandslipped about 1.5 per cent to €1.
Irish Life & Permanent, also due to report results next week, tumbled by about 2.5 per cent, or seven cent, to €2.75.
Overall, traders reported a “topsy-turvy” day on the Dublin market.
The Iseq traded up for much of the day on the back of a rally in US markets on Thursday evening, only to sell off later in the session as the US released negative economic figures.
However, after several bleak days, the Iseq managed to hold its ground at just over 2,873 yesterday.
“To be honest we’re just glad the week is over,” one trader said. “It’s been a long one.”
Bookmaker Paddy Powerwas a winner on the day, adding 10 cent to finish at €23.25.
Elsewhere, Independent News & Mediaattracted good volumes again, driven by speculation that the sale of its London Independenttitles is imminent.
Although it was actively traded during the session, the stock was just marginally higher at almost nine cent at the close.
One of the weakest stocks on the day was building materials company Kingspan, which fell by almost 9 per cent – just under 49 cent – to €5 in advance of results due out next week.
Elsewhere, United Drugended the week on a positive note, adding more than 3 per cent, or seven cent, to €2.27.
