MARKET REPORT - Iseq: 4,321.23 (-38.75) Settlement Date: August 27thWITH THE British market closed for a holiday and investors thin on the ground ahead of a slew of corporate results for Irish-listed companies this week, volumes were extremely thin on the Dublin market yesterday.
While it bucked the trend among European markets by making modest gains in morning trading, the Iseq drifted in line with other markets in the afternoon, and eventually closed nearly 0.9 per cent weaker, losing 38.75 points to 4,321.23.
Highlight of a very quiet day was Glanbia's acquisition of of US-based Optimum Nutrition, a leading manufacturer of nutritional supplements for the sports sector, in a deal worth $315 million (€213 million).
The deal found favour in the market and, although volumes were light, the stock surged strongly, gaining almost 7 per cent at one stage before closing the day 5.75 per cent ahead as it added on 26 cent to €4.61 on the back of the acquisition.
Elsewhere, volumes were also low in CRH and Kerry, both of which report tomorrow.
Kerry tacked on 15 cent to €19, while CRH finished down on the day as it shed 23 cent to €16.78.
Other construction stocks were also under pressure.
Grafton's share price was down by more than 3.5 per cent at €3.81, while Kingspan lost more than 2 per cent to €7.14.
Banking stocks enjoyed a mixed day.
Anglo Irish Bank closed the day marginally ahead as it edged up two cent to €5.42. Bank of Ireland was 1.7 per cent stronger at €5.35.
After spending the morning in positive territory, AIB eased back a little in the afternoon and was four cent off at €8.18 by the close of business.
Irish Life Permanent was more than 2 per cent weaker, losing 11 cent to €5.14.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)