Paddy Power races ahead at the end of a flat week

Dublin Report: It was a busy day in terms of corporate activity, but the Irish market ended the week on a flat note.

IAWS and Paddy Power were the star performers with the stocks enjoying a bounce on foot of news that they are to be added to the MSCI Standard Index at the end of the month broadening their appeal to investors.

IAWS shares gained 38 cent in Dublin to end the week at €12.23 with good interest in the stock driving it ahead. Paddy Power was up 28 cent to €13.78 with dealers expecting both stocks to make further progress in the coming week.

Waterford Wedgwood though lost its place in this index. It closed unchanged at 5 cent.

United Drug brought in good half-year figures with profits up 15 per cent to €22.3 million. The stock had enjoyed a good run ahead of the results and lost momentum yesterday. By close of business it had shed 15 cent to €3.50.

Jurys Doyle Hotel Group continued to be in the news with more bidders being mentioned to be circling with a view to making a bid for the business.

The shares have soared ahead in the last week but softened a bit after the Doyle family stated that they were not involved with the Precinct Consortium which has confirmed it made the initial unsolicited approach. The stock closed 19 cent lower at €14.61 following the family's statement.

And in other news, BC Partners and other members of the consortium that invested in C&C in 1999 sold 38 million shares. The share placing, which was to include up to 50 million shares, was done at €3.30 per share. This selling activity knocked back C&C's share price to €3.23, leaving it down 18 cent.

Otherwise the main stocks were a mixed bag. AIB ended at €16.10, down 20 cent, while Bank of Ireland was 15 cent lower at €12.05. Anglo Irish Bank added 2 cent to €9.30 and Irish Life & Permanent ended at €13.10, down 9 cent.

Ryanair had a good day with the stock rising to €6.01, up 13 cent.