With international markets giving a muted reaction to the Fed's quarter-point cut in interest rates, there was little change in the Irish market yesterday. But with the Nasdaq trading almost 4 per cent higher in its opening session, Irish technology stocks - with the predictable exception of Baltimore - notched up strong gains.
On the home market, there was continued heavy trading in Eircom, where more than 8.2 million shares traded at €1.26 and €1.27 before the price settled at €1.26. The continued big volumes in Eircom is a combination of arbitrageurs closing out their positions and some investors buying the stock for the additional warrants that come as part of the Valentia takeover offer.
Elsewhere, current market favourite Fyffes was once again busy, although turnover was well down on Wednesday's 5.5 million shares. The share was unchanged on €1.20 on turnover of 1.6 million shares. More than 3.3 million Smurfit shares traded as the share gained two cents to €2.15 - boosted partly by a bullish note from Deutsche Bank's Mr Alex Brown.
Baltimore missed yesterday's rising tide in the technology sector and fell 2p to 29p sterling in London while on the Nasdaq, the shares were down another 10 cents on $0.85 by midday - well off the $1 threshold needed to maintain its Nasdaq listing. Horizon, depressed by broker downgrades, fell below its IPO price and closed 15 cents lower on €1.50 - an awfully long way off last year's €14.00 high.
Other Irish stocks, however, were in fine form in New York. Elan traded in big volumes and was almost 5 per cent higher on $61.74. Technology stocks were in much better shape and Parthus - which needed a boost more than most - was almost 8 per cent higher on $7.90. Iona and Smartforce both traded in size, with Iona up over 7 per cent in midday trading, while Smartforce was up more than 13 per cent.
