Market looks to US indicators for lead

Market Report:Trading was light on the Dublin market yesterday as a dearth of company news meant that attention was focused on the US for a lead.

There was little activity in the morning as the market waited for the release of a number of US indicators including the US non-farm payroll numbers. With nothing significant in those figures and a bank holiday looming the market was only slightly more liquid in the afternoon.

One trader said there were "plenty of sellers but very few buyers".

The only stock to trade above its normal volumes was drinks company C&C. Despite profit warnings and job cuts announced this week there was plenty of interest in the stock but it ended the day down 2.67 per cent at €6.20, erasing the gains of Thursday.

Continued speculation about a possible improved takeover bid for Irish Continental Group helped the stock price and it gained €1.00 to close at €24, with one particularly large trade late in the day.

The banking sector largely tracked the market. Anglo Irish Bank fared best and was down 1.36 per cent, or 19 cent to end on €13.83.

There was also some movement in builders merchanting group Grafton which ended the day down 4.35 per cent at €9.68. Traders said there didn't seem to be anything "stock specific" behind it.

Tullow Oil was down 3.34 per cent, or 24 cent, after news that an employee of its joint venture partner in Uganda, Heritage Oil, had been shot, but there was very little liquidity in the shares.

Waterford Wedgwood continued its rollercoaster ride and after being the biggest loser on Thursday, it was the biggest gainer yesterday closing up 12.12 per cent at 37 cent.