Market report: The Irish stock market gained ground yesterday as it tracked London higher in the absence of much direction from Wall Street.
The pharmaceutical sector again provided the market with a number of talking points. Shares in Warner Chilcott fell back in London following press comment suggesting a bid much above 800p sterling per share was unlikely.
The shares closed 10p lower at 800p in London but were unchanged in Dublin at €11.70.
Elan also stood out as it continued to move ahead following recent merger speculation. In Dublin, the shares closed 44 cents or 2.45 per cent higher at €18.39.
The banking sector turned in a mixed performance as AIB added 10 cents to €13.81 and Anglo Irish Bank logged a 24cent gain to €15.39. Irish Life & Permanent also gained 13 cents to €13, albeit in light volume.
But Bank of Ireland gave up five cents to €10.69 as signs of weakness in British house prices continued to weigh on the stock.
Other movers yesterday included C&C, which gained a further two cents to €2.58 despite ongoing speculation that venture capital group BC Partners was set to sell its 34 per cent stake in the company when its lock-up period expires on November 11th.
Despite uncertainty about its "greenshoe", Eircom shares also made modest gains, closing two cents higher at €1.58.
Ryanair received some respite from an easing in the price of oil, closing 10 cents higher at €3.82 as more than seven million shares changed hands in Dublin.
Fyffes proved to be another active stock with around 3.6 million shares traded as the stock gained four cents to €1.89.
Shares in Paddy Power gained 15 cents, or 1.5 per cent, to €9.97 as the market studied proposals by the British government to shake up its 40-year old gambling laws.
Donegal Creameries gave up three cents to €4.27 as it announced the appointment of a new chief executive, Mr Ian Ireland. He joins the company from Kerry Group.
Settlement Day: October 22nd
