Another mixed day on the Irish market, with further weakness by Elan driving the index lower although the overall tone of the market was reasonably firm. As long as Elan remains out of sorts, there is little prospect of the overall market rising to match the gains on international markets.
Trading in Elan in Dublin tends to lag New York trading by 24 hours and yesterday Elan shares in Dublin fell almost €4 to €48.81 (£38.13) although the shares regained some ground in New York and were trading around $53 (£39.38). On this basis, next Tuesday should show some recovery in Elan although trading in the shares will remain volatile. Among the leaders, trading was mixed with Bank of Ireland jumping 45 cents to €18.95 (£14.92) although AIB was nine cents easier on €15.30 (£12.05). CRH edged one cent higher to €18.65 (£14.69) while Smurfit benefited from a renewal of positive sentiment towards the sector and closed 14 cents higher on €2.58 (£2.03).
Among the second-liners which are having a good run as the post-euro shift to the leaders runs out of steam, DCC was in solid demand and closed 15 cents higher on €8.50 (£6.69) while Fyffes also gained 15 cents to €2.15 (£1.69). Irish Life & Permanent, however, slipped 10 cents to €13.70 (£10.79) while Kerry was also lower, closing 12 cents lower on €12.43 (£9.79). Ryan Hotels continued to benefit from good reaction to its results and was four cents higher on 94 cents (77p) although profit-taking after a good run hit Waterford Wedgwood which was down six cents on 92 cents (72p).
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)