After heavy losses on Wednesday, Irish technology shares managed to recover some ground yesterday as the Nasdaq market staged a tentative recovery. Financial and industrial shares were little changed, with the only highlight being the continued weakness of Eircom following the decision by Telia to postpone the sale of its 14 per cent stake. Eircom closed down another eight cents on a new low of €3.16 and further weakness is expected with a view in the market that the 21 per cent stake being sold by KPN will do well to be priced much above €2.75. Baltimore finally stopped the rot and closed 25 1/2p higher in London on £3.99 1/2 and was later trading fractionally higher on Nasdaq.
Trintech, which took a hammering on the Neuer Markt on Wednesday, lost more ground yesterday and closed down €1.45 on €17.80. The share, however, was trading $1 higher at $16 1/2 in midday trading on Nasdaq and the worst may be over. Smartforce also rebounded and was trading $1 3/4 higher on $40 while Parthus recovered from post-IPO profit-taking and dealt up 5 1/2p to £1.37 1/2 sterling in London.
Among the leaders, price changes were negligible, with AIB up three cents on €10.25 while Bank of Ireland drifted 6 1/2 cents to €6.92. CRH was three cents lower on €19.57 but Smurfit - boosted by a Paine Webber "buy" recommendation - gained six cents to €2.22.
Barlo was boosted by good results and gained three cents to 76 cents, Anglo Irish was four cents lower on €2.43, while Fyffes remained well out of favour and closed down 10 cents on €1.70, its lowest level this year. All of the early worldoffruit.com gains have now been wiped off the Fyffes share. Notable gains were recorded by Kerry, up 30 cents to €14.00, and Ryanair, up 20 cents to €9.45.
