The latest bout of Asian flu and the sharp early slump on Wall Street conspired to drive the Irish market lower, but losses were confined to less than 1.5 per cent compared to the 3 per cent fall in London.
Given the early turmoil, it probably was not the best day for Iona Technologies to make its debut. But the share performed creditably and dealt a couple of times at 1300p - in line with its overnight dollar level on NASDAQ. Irish institutions currently hold about 10 per cent of NASDAQ but this should rise in the months ahead with the convenience of a Dublin listing making the shares more attractive.
Another debutante, BCO Tech- nologies, had an impressive day again and closed up 16p on 192p, over 50p above its flotation price. Others to go against the trend and gain on the day included Arnotts, up 40p to a new 500p high, Greencore, up 5p to 335p, Hiber- nian, up 7p to 497p and Qualceram, up 5p to 163p.
Bigger capitalisation stock fell in line with overseas markets. Among the financials, Bank of Ire- land lost 20p to 1020p, AIB was 8p weaker on 650p, while CRH lost 4p to 790p. Smurfit was 1p easier on 184p, while Kerry drifted 10p to 745p with analysts now waiting for news on the Dalgety acquisition.
Gilt prices were firmer and the pound was stronger in very thin trade with dealers reporting some mild buying interest.
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