Flurry of late trades enlivens dull day

Dublin report:The lack of news was again blamed for a lull in activity on the Irish market on what dealers described as yet another lacklustre day.

Volumes picked up towards the end of the day, however, after dealers reported a series of large trades in several stocks, including Independent News & Media, which one said were most likely part of a programme of trades instigated by one seller looking to reduce his position in the Irish market.

An individual trade of eight million shares went through in IN&M right at the end of the day, bringing the total for the day to just over 8.5 million. The shares, however, closed little changed, down just 2 cent, at €2.98.

Waterford Wedgwood was also in focus, with more than 50 million units changing hands, though it too ended the day unchanged at seven cent.

Elsewhere dealers reported significant interest in Aer Lingus, despite the threat of industrial action from its workers. More than 2.8 million shares traded, though the stock closed steady at €2.95.

Paddy Power, meanwhile, was one of the few highlights, rising 3 per cent, or 52 cent, to end the day at €16.92.

The shares have had a good run recently on the back of positive sentiment in the sector. Davy yesterday raised its price target for the stock to €20.

Pharmaceutical group Elan took a bit of a battering, dropping 5.6 per cent, to close down 54 cent at €9.16.

Dealers said the decline was due to a lack of news, rather than any bad news. The company is due to release its fourth-quarter results at the end of February and until then dealers said they expect the stock to drift.

Maritime transport group Irish Continental, meanwhile, added 5 cent, to close at €15.95.