Market Report:Property group Blackrock and fruit distributor Fyffes were the star performers on what was a rather lacklustre Irish market yesterday. Both stocks benefited from speculation surrounding a report that a property developer was seeking to build up a stake in the Fyffes spinoff Blackrock, with a view to making a bid for the company.
Analysts dismissed the talk, saying that the existing shareholder structure of Blackrock, whereby Fyffes holds 40 per cent and the McCann family 6.4 per cent, would make it very difficult for anyone to make a bid for Blackrock without buying Fyffes too. Blackrock shares yesterday rose five cent, equal to 12.5 per cent of the stock's value, to close at 45 cent. As many as 44 million units changed hands.
Fyffes added nine cent, or 5.8 per cent, to end the day at €1.64. Almost 2.9 million shares traded.
Elsewhere there was little local news to provide any momentum, and the Iseq again took a lead from its overseas peers. Following a positive start, higher-than-expected inflation figures out of the US knocked it off course and the index and its main components ended in negative territory.
Ryanair was one of the main losers, dropping 30 cent, or 3.1 per cent, to close at €9.40, a move dealers attributed in most part to further gains in the price of oil. The European Commission's decision to postpone its ruling on Ryanair's proposed takeover of Aer Lingus produced little market reaction.
CRH stock dropped 15 cent, to end the day at €28.45.
Meanwhile, newcomer Siteserv failed to excite the market with news it had bought infrastructure operator Holgate Fencing in a deal which could be worth €19 million. The shares slipped two cent, or 2.4 per cent, to 83 cent.
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