Strong early gains in New York and figures from the Munich-based economics institute, IFO, which suggest that a rise in euro interest rates might not be warranted, failed to have much impact in Dublin and it was a dispiriting day with prices generally weaker.
One of the exceptions was CRH, which looks like it may be emerging from a lengthy bout of selling and regained 35 cents to €18.40 (£14.49). That was one of the few bright spots and elsewhere Bank of Ireland dropped 20 cents to €7.50 (£5.91) while AIB was unchanged on €11.90 (£9.37). The EU investigation into currency conversion charges is unwelcome news for the banks but had negligible impact on their share prices.
Eircom had another off day, falling 9 cents to €3.82 (£3.01), Fyffes fell sharply by 9 cents to €1.66 (£1.31) while Irish Life & Permanent - in the process of a €600 million mortgage securitisation issue - was 33 cents lower on €9.77 (£7.69). Minmet, which has denied internet reports of a platinum find in Brazil, was unchanged on 21 cents (17p).
New York saw more turbulent trading in SmartForce - the restyled CBT. The corporate makeover and the change of strategy has still to impress investors and the shares failed to make any serious recovery after Tuesday's heavy falls. Esat was trading over $1 higher at the Dublin close at over $40 1/4, the telecom group is poised to launch a high-yield €175 million bond issue through Chase Manhattan and CSFB today.
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