Market Report:It was another lacklustre day on the Irish market yesterday, with little local news to provide an impetus and a general feeling that the Christmas lull was already here.
Volumes were mixed, with dealers reporting significant demand for some stocks though not much activity in others on what one said was overall a "patchy" day.
Tuesday's star performer, newcomer Siteserv, was one of yesterday's main losers as dealers said the stock was subject to some profit taking.
Siteserv listed on Dublin's IEX less than a month ago and has more than doubled in value from its IPO price to close on Tuesday at €1.13. Yesterday the stock dropped five cent, or 4.4 per cent, to end the day at €1.08.
Elsewhere demand was strong for C&C and CRH, though both stocks were losers. C&C ended the day down six cent at €12.19, with more than 3.5 million units changing hands. It was revealed yesterday that the group's Magners cider had been withdrawn from Tesco outlets in the UK after a price dispute with the company. However, Irish brand Bulmers is still being stocked in Tesco outlets in the Republic. CRH, meanwhile, also lost six cent, to close at €29.46.
Movement was limited in the banks, though volumes were okay. All eyes will be on the Irish Life & Permanent trading update today, which analysts are expecting to provide a positive update on trading and possibly upgrade earnings forecasts in the wake of recent positive outlooks from its rivals. The bank yesterday closed down 22 cent, or 1.1 per cent, at €19.80.
The other banks were mixed, with Bank of Ireland and AIB ending the day up five cent and one cent respectively at €16.65 and €21.65. Anglo meanwhile dropped eight cent, to €15.32.
