MARKET REPORT:THE IRISH market closed in positive territory in line with other markets across Europe, despite experiencing a sell-off towards the end of the day.
Throughout the session, the Iseq had put in a good performance on light enough volumes. It was up more than 2 per cent at one point, but the late selling of shares saw it ending the day only marginally ahead - 37.44 points or just under 0.6 per cent stronger at 6,389.40.
Financials had a mixed day, with obvious interest in FBD following its confirmation that it had received a bid approach from Dutch financial group Eureko.
Despite FBD saying the approach was unclear and preliminary, shares in the stock rose by their sharpest margin in years, with more than four times the average number of shares traded yesterday. About 400,000 shares changed hands, helping to push the stock up €4.80 to €34, up 16.4 per cent.
Elsewhere, Anglo Irish Bank was a big casualty of the late sell- off. Shares in the bank were sold aggressively at the end of the day and the stock, which had traded at the €8.60 level for most of the session, dropped to €8.37, down more than 2.6 per cent.
AIB was up more than 1 per cent at €14.10, while Bank of Ireland had a disappointing day, shedding three cents to €9.58. Irish Life & Permanent picked up 25 cents to close at €12.80.
Food stocks were under some pressure yesterday. Glanbia fell 15 cents to close at €4.85, while Iaws also found itself in negative territory, shedding 30 cents to €15.29. Greencore slipped back nine cents to €3.73. The exception was Kerry, which closed the day 30 cents stronger at €20.19.
Construction stocks had a tough day, with Kingspan losing 20 cents to end at €8.85. CRH dropped marginally, closing down 10 cents at €24.90.
Iseq: 6,389.40 (+37.44)
Settlement date: April 10th
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