MARKET REPORT: Shares turned in a flat performance again yesterday as market holidays in parts of Europe and thin trade in the US following the power outages contributed to a lack of direction.
Elan provided the main news story on the day as the company again failed to file its 2002 annual accounts with the Securities and Exchange Commission, forcing it to seek a further one-week reprieve from its bondholders at a cost of $2.1 million.
In Dublin, the shares slid by as much as 7 per cent to a low of 3.91 but later recovered the lost ground to close unchanged at 4.22 as the market took the view that the key deadline for the company remained September 14th.
The two main banks turned in a fairly lacklustre performance with AIB closing just two cents higher at 12.26 while Bank of Ireland, which confirmed it was in the market to buy back 50,000 of its shares on Thursday at €10.53 each, lost two cents to €10.70.
Anglo Irish Bank was unchanged at 8.70 as it ran out of steam after the strong performance of recent days. However, it remains in vogue with NCB analysts, the latest stockbroker to upgrade its earnings per share estimates for the bank and raise it from an add to a buy.
Independent News & Media saw the best volume of the day, with more than four million shares traded as the stock lost three cents to 1.60. However, it has been rated a "buy" at 1.62 by Merrion Stockbrokers.
Other movers yesterday included Paddy Power, which gained 15 cents to 6.55, and housebuilder Abbey, which closed 30 cents higher at 6.00.
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