Market Report: Drink and snacks maker C&C stole the show yesterday in Dublin, though the news wasn't good.
A decline in market share for the group's Magners cider in the UK - from 2.6 per cent of the long alcoholic drinks market in July to 2.4 per cent in September - prompted a 4.2 per cent drop in the share price.
One dealer attributed the drop to the fact that the stock is priced to perfection.
As a result, the tiniest blot on the copybook ends up looking like a very dark rain cloud. "On this sort of news, people sell and then ask questions later," he said, adding that the good run the stock has had of late also meant that some profit-taking was due.
The shares ended the day down 52 cent, at €11.85 with as many as 10.3 million units changing hands in Dublin alone.
Elsewhere, CRH was for a change an outperformer, reacting at last to positive news from its building sector peers around the world by gaining 33 cent, or 1.2 per cent, to close at €27.65. Dealers insist the stock is undervalued and believe it is long due some gains.
Food group IAWS took a rest from its recent advances, losing 25 cent, or 1.4 per cent, to end the day at €18.20 after a spate of profit-taking by some investors. Before yesterday's decline, the stock was up almost 8 per cent so far this month.
DCC was little changed, up just five cent, at €22 ahead of results due out on Monday, while Bank of Ireland, also scheduled to release figures next week, added four cent, to close at €16.04.
South Wharf added 20 cent, or 1.5 per cent, to close at €7 after confirming it is to sell its Ringsend bottle site to a group led by property developer Bernard McNamara. Volumes though were light.
