Eircom stock still active despite muted trading

Market report: Eircom was one of the more active stocks on the Irish market yesterday, with close to 11.5 million shares changing hands as the overall market closed modestly higher.

Following last week's positive note from Lehman, Eircom shares attracted good interest, although they closed just one cent higher at €1.99 as investors awaited the release of third quarter results today.

Independent News & Media and Tullow Oil were among the other stocks to feature yesterday.

Shares in the newspaper group gave up four cent to €2.30, but dealers reported good two-way interest in the stock, with more than five million shares traded.

Tullow was also active, closing 7 per cent higher in Dublin at €2.48 ahead of an expected trading update later this week. In London, five million shares traded as the stock added nearly 2 per cent to 170.5 pence.

Close to five million Ryanair shares also traded as the shares edged two cent higher to €6.69.

Elsewhere, activity was more muted, with banking stocks turning in a mixed performance. Both AIB and Irish Life & Permanent closed five cent lower at €15.44 and €14.07 respectively, but Bank of Ireland gained seven cent to €12.27, while Anglo Irish Bank also nudged up by four cent to €18.83.

Elan had a quiet day ahead of the release of fourth quarter results today. In Dublin, it closed up 35 cent at €22.04, but in New York, its main market, it was down five cent to $28.

Glanbia shares were up by 13 cent, or 4.6 per cent, to €2.93 in the wake of its recent deal with Dairygold while Greencore moved ahead to €3.34.

Adversaries in the High Court battle, Fyffes and DCC, experienced contrasting fortunes. Shares in the fruit group closed two cent lower at €2.00, while those in the industrial holding group added 30 cent to €18.00.

Meanwhile, another stalwart left the market yesterday with the cancellation of Heiton's listing, following its takeover by Grafton Group.

Settlement Date: February 10th