Market sluggish as investors take a break

Only small numbers of shares changed hands in the Dublin market yesterday as investors took advantage of the bank holiday.

The ISEQ was closed 55.74 points weaker at 6,019.56, almost 1 per cent less than on Friday.

On a day in which half the shares in issue did not trade at all, most of the action centred on financial, pharmaceutical and aviation stocks.

Eircom, which seems set to be taken over by Sir Anthony O'Reilly's Valentia consortium, closed unchanged at €1.34.

AIB, which last week reported a 20 per cent rise in first-half profits, closed 20 cents higher at €12.50. Also rising was Anglo Irish Bank, which finished two cents stronger at €4.25. But Bank of Ireland lost ground and ended the day 10 cents weaker at €11.20.

Heavyweight Elan, the pharmaceutical group which accounts for a quarter of the index, closed more than 4 per cent weaker at €61.55. Traders said the decline of the stock, which reached a year-high of €76.35 last month, did not reflect any special news.

Ahead of its first quarter results today, Ryanair took an ad in an industry publication that said it was in the market for used Boeing aircraft to expand its fleet. Stock in the company, which has avoided an industry-wide slump, lost five cents to close at €12.30.

CRH, the building materials group, finished six cents weaker at €19.55.