C&C stumbles as most stocks advance

Dublin report: The Irish market again took its lead from overseas markets yesterday, climbing marginally on a day devoid of much local company-specific news.

The majority of stocks on the Iseq drifted higher with the general sentiment, though drinks group C&C stood out as a significant loser on the day.

Shares in the group, which has received a battering since concerns were raised about a seasonal decline in the sale of its Magners cider in Britain, fell 46 cent, or almost 4 per cent, to close at €11.14 in a market dominated by sellers. Almost 5.4 million units changed hands.

This was one among the few decent bits of trading activity in the market, however, with volumes elsewhere, including among the financials, being relatively muted.

Bank of Ireland and Irish Life were losers, dropping 13 cent and five cent, to close at €17.52 and €20.85 respectively.

AIB meanwhile was up 20 cent, at €22.30, while Anglo nudged two cent higher, to close at €15.98.

Pharmaceutical group Elan put in a decent performance, rising 29 cent, or 3.2 per cent, to end the day at €9.33.

Dealers attributed no particular significance to the gains, however, saying they were simply a recovery from the declines seen last week.

Elsewhere dealers reported resilience in Ryanair, which added 13 cent, or 1.2 per cent, to close at €11.03. Grafton was also in focus following speculation in the media over the weekend that it had been approached to bid for British DIY group Focus.

The shares, however, failed to react, adding just 10 cent, to close at €12.05, a move that was broadly in line with the market.

Analysts dismissed the talk, saying Focus's business was not a good fit for Grafton in Britain.