Financial and industrial shares took a breather after their recent big gains on the Dublin market, although Irish technology shares continued to come under the hammer on overseas markets. The British budget and the Fed meeting on interest rates meant that many investors steered clear of the market even though neither event was likely to have any material effect.
One big loser on the day was foods group Glanbia which fell 20 cents to a low of 63 cents, although the deal at that new low was a small one and probably does not reflect the true level of the shares. Sentiment towards Glanbia is dire at present, but a forward price/earnings multiple of less than five suggests that a price of 63 cents is too low even for a company with Glanbia's problems.
Among the leaders, most were unchanged or marginally lower although Eircom continued to rise and closed five cents firmer on €4.80. The last time Eircom hit €4.80, it led to profit-taking so it will be a test for the share to maintain its current level. Dealers, however, do not expect any serious private client selling until Eircom breaks through €5.00.
Among the leaders, AIB edged ahead five cents to €9.55 while Bank of Ireland was unchanged on €6.30. CRH lost 24 cents to €19.71 in mild profit-taking but Smurfit continued its improvement and closed up 19 cents on €2.50. DCC lost 40 cents to €11.20 while Fyffes, in spit e of its a.g.m. profits warning, gained 26 cents to €2.46.
Kerry finally broke out of its narrow trading range, and, boosted by a belated reaction to its excellent results, jumped 50 cents to €12.75. Horizon was 25 cents firmer on €11.90 while Riverdeep was 35 cents lower on €7.70.
