Effective devaluation of rouble has little effect on the market

The effective devaluation of the Russian rouble had little impact in Dublin where trading was quiet, although the overall ISEQ slid back slightly by almost half a per cent.

Traders said volumes were thin and there were few dramatic price movements. Leading stocks were said to be in better shape than second-liners, many of which took a dive.

AIB, which suffered last week, took a small hit again, dropping from 1103.5p to 1097p.

Bank of Ireland lost 10p to close at 1290p in thin volumes. The market is full of talk that the stock will be downgraded, after the bank announced on Friday that it hopes to sell its 23.5 per cent stake in Citizens Financial Group.

The speculation that the bank may use the cash from the sale to invest in the British mortgage market is causing some people in the market concern, said dealers.

CRH, which has been everyone's whipping boy in recent weeks, saw a recovery of 15p to 875p. However, dealers cautioned that with volumes so low the volatility has not necessarily ended.

Independent Newspapers, whose exposure to the Australian, South African and New Zealand economies has meant a slide in recent weeks, experienced some respite. It rose strongly by 5p to 300p, although it has a long way to go before it recovers all its losses in recent weeks. Waterford Wedgwood fell back 4p to 73p, as some in the market continued to worry about its exposure to certain international markets. Rosenthal, which is part of Waterford Wedgwood, announced that it has signed a licence agreement with the Italian jeweller Bulgari.

Greencore saw its price rise 5p to 330p, with Standard Life announcing that it now has almost 4 per cent in the company. Smurfit was heavily traded in contrast to the overall trend. Despite the attention of dealers, it barely rose, 2p, to close at 156p.

Despite a further fall in international oil prices, Tullow continued its strong run, rising from 138p to 145.3p in a sterling trade. The news a few weeks ago that it has been invited by the government of Bangladesh to finalise a production sharing agreement for two key exploration licences onshore Bangladesh is still seen as the main factor for its recent gains. However, if oil prices fall any further, even Tullow will find the going tough.