Sluggish trading on quiet bank holiday

Dublin report: The October bank holiday and generally quiet European markets kept trade sluggish on the Irish Stock Exchange yesterday. The Iseq index of Irish shares trailed Friday's close by 31.53 points to finish the day at 8,555.52.

However, investors were keen to back Bank of Ireland which gained 15 cent to close at €15.65 after 1.5 million shares were traded.

Its main rival AIB was less fancied, with just 500,000 units traded in Dublin yesterday. It closed six cent off at €21.18.

Another back marker amongst the financial stocks was Anglo Irish Bank, which saw plenty of business during the day. Investors traded over three million shares, but it closed 10 cent off at €14.

Elsewhere in the field, CRH lost ground to close 20 cent down at €27.25. Dealers said the likelihood that a mooted merger of Australian cement and building materials group Rinker with global player Cemex would not be going ahead, had damaged sentiment towards the sector.

Drinks and snacks group C&C was showing strongly all day and did healthy volumes with 800,000 units traded in Dublin. However, it closed down one cent at €13.01.

Ryanair, which has been in the news because it has formally asked the European Commission to back its proposed takeover of Aer Lingus, also dropped back a little. The airline closed three cent down at €8.82. Around 500,000 shares in the group changed hands during the day.

Dealers blamed a slight wariness of the aviation sector amongst investors for the slip.

South Wharf lost 45 cent to close at €7.30.

Dealers blamed speculation about the price it is likely to get for its landbank in Dublin's docklands for the slip.