Market Report:The Irish market held steady yesterday after rallying strongly on Thursday. Many investors stood on the sidelines until US non-farm payroll data was released at midday, according to one trader.
The data was in line with forecasts, which prompted a little more activity, although a lack of stock-specific news meant that it remained a relatively quiet day.
Volumes were generally light across the board, although there were just a few exceptions. AIB was the stock most in demand during the session, with more than 9.75 million shares changing hands. It gained 27 cents, or 1.17 per cent, to close at €23.40.
C&C was adversely affect by interim Nielson data on the UK off-licence business, which was slightly below market expectations. Its share price displayed some volatility and by the end of the day, had ticked down by 23 cents, or 2.3 per cent, to €9.90.
Strong results on Monday provided plenty of impetus during the week for Paddy Power, but it lost a little ground yesterday, shedding 30 cents to cross the line at €19.50.
Horizon Technology was the market's biggest gainer, boosted by expectations of solid results next Thursday. This positive sentiment added 7.22 per cent, or 7 cents, raising Horizon's share price to €1.04.
The food sector put in a strong performance boosted, according to one trader, by food price inflation leading to higher profit margins and inspiring investor confidence. Speculators were keen on IAWS, banking on strong results next Monday.
This interest pushed the share price up by 48 cents, or 2.68 per cent, to €18.38.
The pharmaceutical industry was out of favour, with Elan dropping 30 cent from its share price, closing at €9.50, while United Drug saw its share price fall by 8 cents, or 2.06 per cent, to €3.80.
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