The latest crop of half-year results led to contrasting fortunes for Glanbia, Independent and Irish Life, while confirmation that Baltimore is to rejoin the FTSE merely triggered profit-taking.
Glanbia was hammered by the market for its latest bad news announcement and the cut in the dividend, and was sold as low as 50 cents before recovering some ground to close down eight cents on the day on 55 cents - a new closing low. With little sign of an upturn for the group, the share is likely to remain marooned although some in the market believe that selling off some of its troubled British operations may trigger a modest recovery. For the time being, however, the shares are friendless.
In contrast, Independent's excellent half-year results drove the share ahead 20 cents to €4.30 and further gains seem likely given the potential earnings growth for the stock. Irish Life's results were also good, but the reaction in the market was muted, with the share up just 10 cents to €9.70.
The bigger financial stocks were firmer, with AIB up 20 cents on €9.90 while Bank of Ireland was up 11 cents on €7.11. First Active lost 20 cents to €1.80 ahead of interim results today.
Technology shares - apart from Parthus - were weaker. Baltimore - confirmed as a FTSE-100 stock for the second time - dropped 50p to £8.09 sterling as investors who had bought on FTSE speculation sold on the news. The biggest loser on the day was Iona which was trading over $4 on Nasdaq by midday on $77.
