A sharp rise by Anglo Irish Bank, which went against the downward trend among financial stocks, was one of the few features of an otherwise dull Irish market.
Anglo shares jumped as high as 2.55 before closing 20 cents higher on 2.50 although dealers said that there was no obvious reason for the jump. Anglo has been periodically mooted as a take-over target and has has always been sometimes linked with a bid for the likes of First Active. Anglo's management has always dismissed these suggestions but dealers said that were solid demand for the shares yesterday and they closed well-bid at the 2.50 closing price.
Otherwise financial shares drifted lower with AIB down 30 cents on 9.35, Bank of Ireland eight cents lower on 6.65 while Irish Life was five cents easier on 9.15.
Reaction was mixed to Eircom's restructuring plans, the confirmation of Telia's plans to sell its 14 per cent stake and the plans to float the Internet businesses produced mixed reactions. Initially, the shares were knocked back sharply to a low of 4.52 as the market focused on the likelihood of lower earnings in the short term, but they later bounced back to close five cents lower on 4.65 as investors focused on the growth prospects.
Elsewhere, CRH was 38 cents higher on 19.63, Greencore lost seven cents to 3.13 while ITG jumped 73 cents to 16.23. Waterford Wedgwood was one cent higher on 97 cents as Wedgwood executive chairman Mr Peter Goulandris disclosed that he bought 150,000 shares.
Technology shares were stronger, with Baltimore up in both London and New York, while Riverdeep recovered some of its recent losses to trade 75 cents higher on 6.60.
