Baltimore's results may have been ahead of market forecasts in terms of revenues and losses, but that did not prevent the company's shares taking a pounding as technology shares fell sharply around Europe.
Another factor affecting Baltimore is an overhanging block of shares held by venture capital group 3i which market sources believe may be placed in the market in the next few weeks. That 3i block is thought to be about five million shares - about 1 per cent of the total. At the close in London, Baltimore was down 293/4p on 282p sterling, not much above its 12-month low.
Yesterday saw the results season get into full swing and there were no unpleasant surprises from AIB, Golden Vale or Power Leisure, all of which produced figures just ahead of market forecasts. Strong corporate results are partly behind the current strength of the Irish market and that pattern is likely to be maintained in the next week when heavyweights like CRH, Kerry and Waterford Wedgwood are expected to produce solid figures.
Financial shares were mixed. AIB, despite its good results, lost eight cents to €12, while Bank of Ireland was eight cents firmer on €10.20. CRH lost 19 cents to €20.31 ahead of results while Kerry - also ahead of results - jumped 20 cents to €13.70 although trading in the stock was very light.
Power Leisure has been a top performer since its December flotation but was down 10 cents on on €3.50 after its strong results.
Eircom, however, was hit by Vodafone weakness and fell as low as €2.33 before closing 12 cents lower on €2.38. Golden Vale drifted two cents to €1 while Ryanair was nine cents stronger on €12.34 after unveiling its latest route expansion ex-Stansted. Smurfit dealt in size but lost five cents to €1.97 as the Irish market remained unmoved by its good 2000 results.
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