Market Report: The Irish market struggled again yesterday along with its European peers, in what one dealer described as a "very patchy, nervous kind of day." Volumes were mixed and a lack of stock-specific news added to the lacklustre mood amongst investors.
Demand was strong for Anglo Irish, which saw as many as 7.8 million shares change hands. However, this did little to boost the shares, which dropped 10 cent, or 0.9 per cent, to close at €10.90.
Bank of Ireland was also among the losers, dropping 8 cent, or 0.6 per cent, to end the day at €13.15. Allied Irish meanwhile fared better, ending the day up 15 cent, or 0.9 per cent, at €17.50.
Dealers said Irish Life & Permanent had a particularly volatile day, with the stock adding 10 cent, or 0.6 per cent, to close at €17.15.
Elsewhere, building materials group CRH continued its negative run, dropping 5 cent, or 0.2 per cent, to end the day at €24.70. Dealers said the stock is still suffering as a result of negative sentiment in the US housing sector.
Grafton too was another loser, ending the day down 5 cent, or 0.5 per cent, at €9.75. Moving in the other direction Ryanair bucked the general negative trend, rising 13 cent, or 1.8 per cent, to close at €7.33. One dealer attributed the gains to the fact that the airline has hedged its oil price until September and was therefore temporarily immune to the current relentless upward pressure on the price of oil.
Fyffes also ended the day in positive territory, gaining 8 cent, or 5.9 per cent, to end the day at €1.44. C&C also had a good day as it continued to benefit from the strong take up of its Magners cider in the UK. The shares rose 5 cent, or 0.7 per cent, to end at €7.50.
Another gainer was IEX-minnow Newcourt, which jumped 7.4 per cent after announcing an offer for Ely property, the group's seventh acquisition this year. The shares closed up 9 cent, at €1.30.
