THE market ended down overall as a large seller of Smurfit stock dampened sentiment.
An American institution is thought to have put around 800,000 Smurfit shares on the market at 150p. The overhang depressed the market and the stock subsequently sold as low as 147 3/8 pence, down 7 5/8p, traders said.
"This was more pent up selling demand rather than a reaction to Jefferson Smurfit Corp result in the US," one trader said. JS Corp reported net income of $63.7 million for the three months to December. Full year net income was $243.1 million, up from $43.1 million loss in 1994.
AIB ended up 1p at 366p after it announced the £53 million acquisition of First Washington Bank through its US unit First Maryland Bancorp.
Bank of Ireland also gained on the day as a result of interest from British and American fund managers, closing up 1p at 465p. Irish Permanent saw its shares fall 1p to 406p.
Inishtech did not trade but was heavily bid up to 450p from 408p after it announced that it has received a number of approaches to buy it out. Dealers said it would need to go to 480p or higher before any sellers would be flushed out.
James Crean, which owns 71.2 per cent of Inistech, was also bid upwards, ending bid at 225p, from 207p overnight. Traders expected it reach a level where sellers could be found at around 235p.
CRH was also very well bid, traders said, with a good deal of buying interest from large funds. It closed flat at 473p. Around three million Waterford Wedgwood shares are also said to have changed hands on the floor at 60 1/2 pence. Traders did not know where the interest came from. The stock ended down 1 1/2p at 59p.
