Business was patchy in Dublin on the first full day of trading in the new year. Traders said the market was very quiet. "It's a messy market because very little activity can cause disproportionate moves in prices," said one dealer.
The market as a whole rose over 1 per cent as the new year opened on a characteristically optimistic note.
There was some interest in the banks, primarily Bank of Ireland, driven from London. More than three million bank shares traded in London with a further 2.1 million changing hands in Dublin as the stock advanced 18 cents to €11.
AIB benefited somewhat from the activity in its rival, climbing 10 cents to €12.80, though business was more moderate at 1.6 million shares.
Anglo Irish Bank started the new year as it saw out the old, turning in the steepest price rise of the day among the financials. It raced ahead 39 cents to €12.90, albeit in volume of less than three-quarters of a million shares.
Irish Life & Permanent slipped five cents to €12.75, while First Active in its final day of trade retreated five cents to €6.13 ahead of the completion of its €6.20 a share sale to Royal Bank of Scotland.
CRH notched up a respectable advance of 18 cents to €16.46 although volume was negligible. Ryanair, too, was in little demand as the shares gained six cents to €6.65.
Independent News & Media was one of the very few industrials to attract interest, moving ahead three cents to €1.91 in volume of close to two million shares. Another of Sir Anthony O'Reilly's interests, Waterford Wedgwood, was also moving against the holiday trend adding half a cent to 22.5 cents with just under 1.9 million shares traded.
Mining stock Arcon added half a cent in trade of 1.2 million shares. Elsewhere, the only stocks attracting any business were Greencore, up two cents to €3.57, Fyffes, up two to €1.67 and Kingspan, also two cents stronger on €4.22.
Dublin Report
Settlement Date: January 7th
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