SHARE prices drifted lower in generally lacklustre trading on the Dublin market against a background of sharply lower prices in London and New York. Losses were concentrated on the yield sensitive shares as bond prices tumbled after last Friday night's sell off of treasury bonds on Wall Street.
The main exception to the downward trend was CBH which dealt up 6p to 518p on sizeable trading - partly accounted for by an index order from London. Almost 700,000 CRH shares traded in London as the price was pushed upwards despite falls in the British building materials sector. Part of the demand for CRH is the anticipation of good results from the company next week.
Smurfit opened brightly after a more positive Friday performance on Wall Street but weakened in later trading. After opening at 150p, the shares eventually closed down 1p on 149p. The overhanging Tiger stake is likely to retard progress in the short term.
Financials drifted lower across the board, with AIB down 3p on 340p, Bank of Ireland down 1p on 443p and Irish Permanent off 3p on 390p ahead of today's full year results. The exceptions were Irish Life, up 1p on 245p, and Woodchester, up 2p on 183p.
Elsewhere, Fitzwilton fell 4p to 38p and the share has now fallen from a high of 49p only a few weeks ago. The resumption of the IRA campaign affects Fitzwilton particularly - with the Wellworths supermarket chain in Northern Ireland accounting for the bulk of Fitzwilton's assets.
Greencore gained 1p to 578p, while Kerry was 5p higher on its all time high of 520p.
