Market report: AIB stole the limelight in what traders described as a choppy day in the Irish market yesterday. As many as 5 million AIB shares changed hands in Dublin, with a further 4 million trading in London, pushing the stock down 1.9 per cent. Claire Shoesmith reports.
One trader said the volume was the result of a programme trade, which also affected the performance of building materials group CRH. Another said he had seen good two-way interest in the stock, and was surprised at the declines given the positive sentiment surrounding the group's performance.
AIB closed down 45 cent, at €23.50, after rising as high as €24.10 earlier in the day.
Bank of Ireland was also affected, falling 16 cent, to end the day at €18.49. It also closed off its highs of the day.
CRH also took a bit of a battering, falling 26 cent to €33.45 after hitting €34.10 earlier in the day. Dealers said this was surprising given the positive results from Hanson in the UK.
Elsewhere, Aer Lingus was in focus, rising 8 cent, or 2.9 per cent, to close at €2.85, a gain one dealer attributed to rumours that Ryanair was preparing another bid for the former State airline.Another, however, dismissed this speculation.
The European Commission yesterday said it had extended the deadline for its examination of Ryanair's Aer Lingus bid to June 13th. Shares in Ryanair added 5 cent, to close at €12.40.
Fyffes suffered from a bit of profit taking after a strong run of late. The stock slipped 3 cent, or 2.5 per cent, to close at €1.19.
Exploration minnow Petroceltic jumped 18 per cent, though only 3 cent in real money, to close at 25 cent.
One dealer said the stock had seen significant interest in London, and that an update on its Algerian drilling activities was expected soon.
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