AIB takes the lead on a busy day for financials

DUBLIN MARKET: Dublin marked time yesterday, although there was a good bit of activity and movement in individual shares.

The State's largest bank, AIB, shrugged off the condemnatory report from the regulator, the Irish Financial Service Regulatory Authority, to rise three cents on the day to €14.70, having traded as high as €14.80 earlier in the day.

The bank issues a full-year trading statement this morning with dealers expecting a modest upgrade. However, they anticipate an element of caution in trading of stock in all the banks ahead of publication of a report on the sector by the Competition Authority next Tuesday.

Bank of Ireland closed yesterday on €11.79, up four cents while Anglo Irish Bank was five cents stronger on €17.35. Irish Life & Permanent was the only financial to lose ground, slipping five cents to €13.15.

Fyffes saw reasonable volumes as it traded down to €1.99, off four cents on the session. Dealers attributed the move more to prospects for a turn on the fortunes of the dollar rather than any adverse sentiment on the back of its court action against fellow ISEQ constituent DCC.

Shares in that company slid a further 15 cents to €15.55 and is now almost €1 weaker than it was three weeks ago. However, volume yesterday was light.

Elsewhere, the Federal Trade Commission gave the proposed buyout of Warner Chilcott the green light, freeing the way for an extraordinary general meeting to vote on the takeover tomorrow.

Eircom added another cent to €1.68 as it proved the stock most in demand on the Dublin list with more than 3.6 million shares changing hands.

Elan was another to move ahead, adding 34 cents to €19.94, albeit in very light trade.

Independent News & Media was four cents off, closing on €2.28, as it failed to persuade all holders of £75 million 9.25 per cent bonds to redeem them six months ahead of schedule.Dublin ReportSettlement Day: December 13th