MARKET REPORT

Settlement Day: November 14th

A holiday in the US bond market had a dampening effect on Dublin trade yesterday, with volumes low across the board and most stocks struggling for meaningful direction.

The main exception to the generally lacklustre trend was Galen, which jumped 40 cents to 10.90 after releasing strong full-year results. The stock moved 7.4 per cent ahead to 774.5p sterling in London, where it is mainly traded.

Fellow drugmaker, Elan, moved in the opposite direction by dropping five cents to 4.45. The company, which is due to release third-quarter results today, has now completed the sale of $460 million (400 million) in 6.5 per cent convertible guarantee notes as part of its recent money-raising efforts.

United Drug, which will report full-year numbers before the end of the month, rose three cents to 2.34.

The financials had a mixed day on weak volume, as investors looked to tomorrow's Bank of Ireland results to provide a much-needed driver to the sector.

The bank climbed 11 cents to 10.63 yesterday, while AIB closed four cents stronger at 12.56. The market is expecting AIB's Polish subsidiary, WBK, to report a 7 per cent decline in third-quarter profits tomorrow.

Anglo Irish dropped five cents to 10.10, while Irish Life and Permanent fell by the same measure to €12.10.

In the industrials, CRH lost three cents to close at €15.65 in quiet trade. Ryanair finished five cents lower at 6.83.

DCC recovered some of Monday's lost ground by rising two cents to 10.97 as investors digested the firm's first-half results. NCB, with an eye to the company's high levels of cash, believes a buyback could offer "attractive low-risk earnings enhancement".