Rebound continues in wake of lapses

Dublin report: Markets around the world continued their attempts at a rebound yesterday following last week's lapses and Dublin…

Dublin report:Markets around the world continued their attempts at a rebound yesterday following last week's lapses and Dublin was no exception. However, a lack of local news and muted volumes made for what one dealer described as a "pretty dull day".

Greencore was one of the highlights as the food group reported better-than-expected full-year results. The shares added 5 cent, or 1.2 per cent, to close at €4.15 with just under 700,000 units changing hands.

Kingspan was also a gainer, though this time there was no stock specific news to provide the momentum. The shares rose 27 cent, or 1.6 per cent, to end the day at €17.07.

Elsewhere Fyffes lost 3 cent, or 1.8 per cent, to close at €1.64. Shareholders yesterday approved plans for the group to spin-off its general produce business from the tropical fruit division in a move the company claims will create more value for shareholders and enable the two groups to operate and expand to their full potential.

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Meanwhile Blackrock, the property group spun-off from Fyffes earlier this year, slipped 1 cent, or 2.2 per cent, to close at 45 cent. Fyffes chairman Carl McCann said he had no plans to sell the company's 40 per cent stake in Blackrock, a move that is believed to be necessary for anyone seeking to gain control of Blackrock. Media reports have recently speculated that a property developer was seeking to build a stake in Blackrock with a view to taking it over.

Paddy Power had another good day, adding to the gains it made on Monday and closing up 31 cent or 1.9 per cent, at €16.30.

Shares in Viridian, unchanged last night in Dublin, will cease trading in both London and Dublin at the end of today following the group's takeover by Bahrain-based Arcapita.