Banks came under further selling pressure yesterday following their recent rally. As rumours of a Deutsche Bank bid for AIB receded into the background, the Irish bank saw another easing in its share price, from €17.15 (£13.51) to €17.10 (£13.47).
Bank of Ireland was also back, losing 15 cents to close at €20.05 (£15.79), as was Anglo Irish, down two cents to €2.63 (£2.07), and Irish Permanent, was down 15 cents to €14.45 (£11.38). Its merger partner, Irish Life, however, gained five cents to €8.75 (£6.89).
The leading industrial company, CRH, shrugged off its lethargy from the early part of this week, rising from €13.90 (£10.95) to €14.11 (£11.11) on the back of Warburg raising its forecasts for the group. Powerscreen, too, consolidated on the back of a positive outlook. Its announcement of half-yearly group profits of €10.8 million (£8.5 million) on Wednesday boosted the share price, which rose from €1.77 (£1.39) to €1.84 (£1.45).
Dealers reported a weak market for most other stocks. The Fyffes share price slipped five cents to €2.35 (£1.85) following the purchase of 200,000 of its own shares at €2.40 (£1.89) per share.
Other food groups also eased back. Avonmore Waterford was down five cents to €2.10 (£1.65) and Kerry eased back 40 cents to close at €11.40 (£8.98).
Dana Petroleum saw no movement as it completed the acquisition of "UK upstream" assets of National Power. Shareholders will take comfort in the chief executive of the Irish Stock Exchange, Mr Tom Healy, saying yesterday that cross-border investment in the euro zone would benefit Irish medium-sized companies along with larger ones.
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