Heiton sees heavy trading ahead of possible takeover

MARKET REPORT: Trading in Irish shares was fairly quiet ahead of the weekend, with Heiton and Grafton stepping into the limelight.

More than 1.3 million Heiton shares changed hands in Dublin yesterday as investors positioned themselves for a possible takeover of the company by Grafton.

Heiton rejected its €6.35 per share offer as "paltry" and market sources said the bid looked too cheap.

This buying interest pushed Heiton shares up to €6.70, ahead of the bid price and up €1.40 on foot of Grafton's move.

Bank of Ireland shares enjoyed a good run on the back of the bank's investor roadshow, with executives signalling good prospects.

Some six million shares were traded between Dublin and London yesterday with the stock closing at €10.71, up four cents. Dealers are expecting the shares to enjoy another boost next week as the roadshow continues.

CRH ended the week poorly, shedding 20 cents to close at €17.29 on relatively small volumes driven by no particular news.

Eircom enjoyed a good run, with more than 7 million shares traded in Dublin and another 4.5 million in London with strong buying interest reported. The shares rose three cents to €1.51.

DCC added 15 cents to €14.10, although dealers said most of the shares had traded at around the €13.85 level.

Tullow was two cents stronger at €1.65 while Waterford Wedgwood drifted lower to close at 15 cent, down one cent.

AIB shares were also weaker, ending the week at €12.25, down one cent, Anglo Irish Bank put on one cent to €13.15.

Meanwhile, Irish Life & Permanent lost 17 cents drifting to €12.55.

Elan was 65 cents stronger at €18.75 and United Drug lost five cents to €2.80.

In the food sector, IAWS closed at €10, up 25 cents.

Kerry lost 18 cents ending at €17.12, while Greencore was one cent higher at €3.11.