Banks responsible for much of market drop

Banks were responsible for much of the 0.15 per cent drop in the ISEQ yesterday as the profit-taking which set in last Thursday continued yesterday.

Selective stocks, however, performed well. They were led by Elan, up from #60.46 (£47.62) to #61.50 (£48.44), CRH, up from #14.73 (£11.60) to #14.85 (£11.70) in nine deals, and Smurfit, which gained six cents to close at #1.80 (£1.42).

Results from Fyffes were well received. The food group pushed up from #2.10 (£1.65) to close at #2.30 (£1.81), a 9 per cent rise on the day. Fyffes reported a 15 per cent rise in pre-tax profits to #78.9 million (£62.1 million) for the year to October 31st, 1998.

Although food companies had a mixed year in 1998, Fyffe's niche enabled it to perform well. But others in the food sector yesterday also showed upward movement. IAWS was up five cents to #3.90 (£3.07) and Kerry gained 45 cents, closing at $12.70 (£10). In advance of today's results, Irish Continental bid well, rising by 50 cents in two deals to #11.25 (£8.86).

The main banks eased back in heavy trading, with AIB losing 17 cents to close at #16.65 (£13.11), and Bank of Ireland down 35 cents to $19.15 (£15.08). Anglo Irish eased back from #17.02 (£13.40) to #16.65 (£13.11) but Irish Permanent and its merger partner, Irish Life, were unaware of the activity around them and continued their strong run. Irish Permanent was up 30 cents to #14.60 (£11.50), and Irish Life closed 15 cents higher at #9.25 (£7.28).

(# signifies the euro)