Market Report: The market was generally mixed yesterday with the two main banks once again offering most direction to nervous investors.
Settlement Day: June 16th
AIB provided most news on the day, with the stock forced into negative territory after investors seized upon the reduced earnings projections within an afternoon trading statement. The bank eventually ended down 18 cents at 12.30, but dealers were predicting a slight recovery later in the week as the statement was fully digested. Volume was heavy at almost nine million shares, with some of the trade attributable to US institutional buyers.
Bank of Ireland was also busy, with 9.4 million units changing hands. It was unclear how active the bank itself had been in the trade, but it confirmed the purchase of 750,000 shares on Tuesday at a price of 10.8653. Bank of Ireland lost 10 cents yesterday to finish at 10.65.
Irish Life & Permanent also suffered, shedding 15 cents to close at 10.10 as observers considered the effect of the latest round of interest rate cuts on all lenders. Anglo Irish Bank was the star financial, proving its resilience by gaining 22 cents to end at 7.87 after trading up to 8.00 at one point.
Elsewhere, Ryanair closed 27 cents weaker at 5.70, as market sentiment cooled in the wake of Tuesday's sale of eight million shares by directors. Fellow heavyweight CRH gained two cents to close at 13.40 after 2.3 million shares were traded. NCB suggested yesterday that the highly acquisitive firm could be interested in picking up some Heidelberger interests if and when the German firm begins a money-raising divestment strategy.
Among smaller caps, McInerney gained eight cents to end at €3.08 as speculation over the firm's future direction persisted after heavy trade earlier in the week.
DCC closed down seven cents at 11.63 as it emerged that Fidelity had raised its stake in the stock from 11.09 per cent to 12.16 per cent. Elan gained 10 cents to finish at 6.50 in advance of today's extraordinary general meeting.
