Eircom has busy day as Babcock raises its stake

The market edged ahead yesterday but there was little momentum to the movement, with volumes thin across the board.

The main exception to the rule was Eircom, where no fewer than 25.3 million shares changed hands. Babcock & Brown was the main investor suspect, with the Australian investment house now thought to be very close to the magical 29.9 per cent level. Yesterday, it confirmed reaching 27 per cent. Shares closed unchanged at €2.20.

Independent News & Media was also busier than most, posting trade of 6.7 million shares. The stock, which reports results on March 22nd, was down by two cent at €2.61 at the close.

Another exception came in IAWS, which reports interim numbers on Monday. The stock fell by 16 cent to €14.25 on volume of two million shares.

The financials provided little in the way of excitement, although Bank of Ireland did manage to push through €15.00 on low volume. Shares finished at €15.07, up a cool 30 cent on Thursday's close. Merrion said it is "reviewing" its expectations for a trading update due later this month, based on strong results from peers.

AIB rose by six cent to €19.14, while Anglo Irish finished flat at €13.39. Irish Life & Permanent shed six cent to close at €18.30.

Elan was volatile, closing 55 cent weaker at €12.45 as investors continued to consider the imminent relaunch of Tysabri. Davy said it is "confident" in its peak sales forecast of $1.6 billion (€1.3 billion) for the multiple sclerosis treatment.

Grafton, which will report 2005 numbers on Wednesday, was steady at €10.50. NCB expects growth in earnings per share of more than 20 per cent.

Kingspan gained 15 cent to end the session at €11.80.

CRH had a very quiet day, with fewer than 350,000 shares traded. The stock, which reported numbers on Tuesday, rose by 35 cent to €27.25.

Ryanair was also subdued , falling by two cent to €7.75.