WITH little activity elsewhere, the arrival of Qualceram was the highlight of yesterday's trading on the Irish market. Qualceram is the first non exploration stock to take a primary listing in Dublin for some time.
The stock got an enthusiastic welcome from investors and dealt up from its placing price of 150p to a close of 170p, while in London there was some sizeable trading behind a 19p rise to 162p sterling.
With almost two thirds of the shares held by the founders, Qualceram will be a pretty illiquid stock and that alone, apart from a steady profits record, should support the share price.
Elsewhere, AIB was 3p lower on 462p as its prospects for a takeover of Co-operative Bank took a tumble along with the withdrawal of Andrew Regan's bid for CWS. Bank of Ireland rose almost 2p to 680p, while Irish Permanent eased 1p to 605p.
Among the industrials Greencore continued its downward spiral and closed down 10 1/2p on 312 1/2p. At this level Greencore is almost 20 per cent off its 390p high of earlier this year, with concern in some quarters at the impact on the group of disputes with beet farmers and factory workers. CRH was unchanged on 642p, while Smurfit gained 1p to 159p.
Results that fell well short of forecasts saw Fitzwilton lose 2p to 53p and the shares were well offered at that closing level. The absence of any statement regarding Safeway's expected purchase of half of Wellworth did not help the share price.
