DUBLIN REPORT: Iseq: 2,665.04 (–10.69) Settlement date: October 25th:VOLUMES WERE light in Dublin yesterday as the market lost ground following an opening burst to end essentially flat on the day.
On a day when attention focused more on the detail of the UK coalition government’s plan to impose the most swingeing cuts on record on public spending, there was little corporate news of note to direct the Iseq.
Among the leading beneficiaries was exploration group PetroNeft, which built on Tuesday’s gains following an oversubscribed share placing. The stock added 7.2 per cent, or four cent, to end on 59 cent.
Building materials group CRH, the largest constituent on the exchange recovered some ground and closed on €11.90, a gain of 15 cent, or almost 1.3 per cent.
Ryanair, which was one of the most traded stocks of the day closed up 0.7 per cent at €4.08.
Losses were more heavily weighted towards the financial sector with Bank of Ireland and AIB both in negative territory. Bank of Ireland fared worst among these stocks, falling 1.18 per cent to close at 39 cent, while AIB slipped 1 per cent to close at 39 cent. Irish Life Permanent was the star performer among the financial stocks adding a cent to close at €1.60
Outside the financials, cement company Readymix, which is subject to a takeover approach by an unknown suitor, added 10.6 per cent to close at 26 cent.
Total Produce rose 7.2 per cent to close at 37 cent while fruit distributor Fyffes, from which Total Produce was spun out in 2006, closed up 3.2 per cent at 32 cent.
The biggest fallers of the day were Greencore, which closed down 2.8 per cent at €1.10, and Datalex finished down €5.26 at 18 cent. Elan slipped 3.1 per cent to close at €4.24. United Drug fell 1.2 per cent to €2.30, while drinks group CC fell 3 cent ended at €3.10.
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