With Vodafone giving up some of Tuesday's big gains, Eircom was hit by renewed selling on the Dublin market and more than 3.3 million shares changed hands as it fell three cents to €2.49. Eircom is now effectively trading in tandem with Vodafone and that pattern is likely to be maintained until the sale of Eircell and the share swap is completed.
CRH went ex rights following the announcement of the massive €1.1 billion deep discount rights issue and trading in the nil paid rights began. These nil paids - which give the buyer the opportunity to buy the rights issue shares at €10.50 - opened at €6.75 and closed on €7.50. The volume of trading in the nil paids - just 165,000 units traded - suggests that most CRH shareholders are going to hold onto and exercise their rights to buy the new shares at €10.50. CRH shares went ex rights and buyers from yesterday do not get the right to buy the new shares at €10.50. The underlying CRH shares dealt up 63 cents from the adjusted ex rights overnight price of €17.34.
Results from Irish Life impressed the market and the shares dealt up 18 cents to €13.37 in volume of two million shares. Bank of Ireland was 15 cents firmer with two million shares trading while AIB drifted four cents to €11.76 in much smaller volumes.
Food stocks were firmer as the foot-and-mouth factor, which depressed the shares last week, was dismissed a major influence. Golden Vale jumped six cents to €0.94 while Kerry was up 34 cents on €13.19. Glanbia's results were ahead of forecasts but the share added only a cent to €0.57 after trading as high as €0.64 earlier in the day.
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