Market Report

Markets were busy across Europe yesterday, with trade in Dublin losing out as investors sought out bargains elsewhere. The overall trend on the ISEQ was one of slight weakness, with the financials among the biggest losers.

Bucking the trend in dramatic fashion was embattled drugmaker, Elan, which surged by 25 per cent to 5.30 after the company announced it was ready to file accounts for 2002 today.

Outside Elan, the main newsmaker on the day was Fyffes, which reported interim numbers in line with forecasts but fell back after flagging a weather-related shortfall in second-half profits. The stock ended four cents lower at 1.45 amid volume of almost seven million shares.

Also reporting yesterday was Qualceram Shires, which declined by 10 cents to 1.40 as investors registered disappointment with the first-half numbers. Tullow Oil weakened by seven cents to , again after failing to live up to expectations for the first half.

Dealers noted some switching between Bank of Ireland in favour of AIB, with both stocks recording healthy volumes. AIB closed 10 cents lower at 12.50, while Bank of Ireland lost 15 cents to finish at 10.55. Bank of Ireland said it had bought back 550,000 shares on Wednesday, paying an average price of €10.7191 per share. Irish Life & Permanent had another good day, adding seven cents to close at 11.10.

Industrial heavyweight CRH fell victim to some profit-taking in the wake of results issued earlier this week. The stock finished 27 cents lower at 16.25. Ryanair climbed two cents to 6.58.

Among the second-liners, Greencore was punished by bad news surrounding British food firm, Northern Foods, shedding 11 cents to close at 2.76 in heavy volume. Kerry Group was unaffected, climbing 20 cents to 15 on strong demand. Technology firm Datalex closed unchanged at 50 cents on continued high volume.