Shares slip in quiet trading

SHARE prices slipped a little in quiet afternoon trading yesterday, affected partly by weaker London and New York markets, according…

SHARE prices slipped a little in quiet afternoon trading yesterday, affected partly by weaker London and New York markets, according to dealers.

Various estimates put yesterday's volume at around £20 million, with analysts saying that the financial stocks were most hit by weaker bond markets in the US.

AIB finished down 2p yesterday at 323p, while Bank of Ireland saw its share price fall 4 1/2p to 424p. Anglo Irish Bank also fell 1p, ending the day at 56 1/2p.

Irish Life saw 4 1/2p knocked off its share price, finishing at 250p, but Irish Permanent, which gained lp in early trading, ended the day unchanged at 372p.

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"There was very little inspiration from overseas markets," said one dealer, who estimated that the financial stocks were off almost 1 per cent.

Smurfit, which released very good results on Wednesday, reporting a 254 per cent increase in pre tax profits to £420 million, was well bid throughout the day.

Dealers reported British investor interest in the stock, following a presentation by the company in Britain yesterday, but the stock was unchanged on the day, finishing at 160p.

CRH was a little weaker, drifting lower in the afternoon to finish at 557p, down 2p. Dealers said there had been an element of profit taking on the stock in Britain.

United Drug saw its share price fall 2p, but it rallied later and ended the day up 3p at 300p.

Woodchester lost 3p on the day, closing at 185p, while Lyons also saw its share price fall by 3p, finishing at 322p.

No shares changed hands in the Gafton group, which yesterday held its a.g.m. and is expected to make £11-£12 million profits this year.

Oglesby & Butler began trading at its previous closing price of 25p, but slipped back 2p at the close of business. Tullow Oil lost 3 1/2p to finish at 79p.

"A very scrappy market, with no general theme to it," was how one dealer summed up the day's trading.

Today's US Consumer Price Index figures for March will be watched closely by the market, dealers said.