Market Report:THE ACTION centred on Independent News & Media yesterday, as more than 20 million shares traded in the stock in Dublin, following the publication of the group's full-year results, but more excitingly, a letter written in 2003 by "dissident shareholder" Denis O'Brien in which he said he was "waiting for the appropriate time to rectify the damage" of alleged efforts by the media group to destroy his reputation.
Independent News & Media's results - if anyone saw past the drama to look at them - were in line with or slightly behind analysts' expectations, and the stock climbed 6.8 per cent yesterday, adding 11 cent to close at €1.84.
On a quietish day that saw the Iseq underperform major European markets, financial stocks all made modest gains.
Anglo Irish Bank climbed 2 per cent, finishing up 18 cent at €8.88.
Irish Life & Permanent, which comes out the worst in a report by ratings agency S&P on Irish banks' asset quality and funding positions, added 20 cent to close up 1.6 per cent at €12.80.
Ryanair, meanwhile, fell 1.5 per cent on relatively light volumes of trade, losing 4 cent to finish at €2.88.
With the UK telecoms regulator, Ofcom, approving plans to introduce mobile services on board UK-registered aircraft, Goodbody Stockbrokers' airlines analyst Joe Gill has pencilled in about €14 million in revenue from mobiles for Ryanair in the first year of its mobile partnership with OnAir: a revenue-generator that he describes as "a frightening prospect" for passengers.
There were sellers in Smurfit Kappa, which has closed a container board mill in Spain, and the stock fell 4.2 per cent to €7.20.
Glanbia, which has performed well recently, also declined yesterday.
Iseq: 6,247.91 (+23.93) Settlement date: April 1st
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