MARKET REPORT: Riverdeep proved the biggest story on the Irish market yesterday with nearly 25 million shares changing hands as two major shareholders sold stock in the educational software group.
Settlement Date: September 4th
The shares, which closed 22 cents lower at €2.23, were placed with a number of Irish and European institutional investors.
Overall, the Irish stock market closed 0.7 per cent higher, boosted by a strong performance from the two main banking stocks. Despite gaining 23 cents, or 1.8 per cent, to €13.20, analysts believe AIB has been beaten to a place on the Eurostoxx 50 index by French construction group Lafarge.
"It's most unlikely they will get a place now. The gap was just too wide," one dealer said. However, he said the realisation that AIB would not secure a listing came as no surprise to the market and was unlikely to generate big technical selling pressure.
Bank of Ireland, whose hopes of gaining a Eurostoxx place were dashed some time ago, had a good day, closing 32 cents, or 2.8 per cent, higher at €11.92.
Dealers said CRH, which has been under pressure of late against the backdrop of weakness in the construction sector, remained volatile. It closed nine cents lower at €14.55.
Ryanair also lost ground, shedding 15 cents to €5.75 as the market fretted over the prospect of increased competition. Even the news that UBS was starting coverage of the stock with a share price target of €7.28 did little for the shares.
Alphyra, which has fallen sharply in recent weeks, clawed back some ground to close 14 cents higher at €0.95 while Qualceram shares were unchanged at €2.20 despite poor first-half results.
