Financials fall as investors await IL&P statement

Dublin Report: The Irish stock market again finished flat on the day as many of the leading stocks drifted lower in light volume.

Shares in the financial sector were softer as investors waited for Irish Life & Permanent's trading statement on Thursday.

The stock was down 13 cent to €16.95, while AIB lost 15 cent to €17.99 and Bank of Ireland was nine cent lower at €13.66.

Of the big banks, only Anglo Irish resisted the downward trend, finishing eight cent higher at €12.00.

Elsewhere, Ryanair had a good day, driven by US buying interest after the company was included in a Top 10 list issued by a recognised broker in the sector in the US. The shares closed 42 cent, or 5.8 per cent, higher at €7.70.

But other industrial stocks did not perform as well. CRH gave up 15 cent to €23.65, while Elan dropped by more than 7 per cent at one stage in the US as it was hit by profit-taking before later recovering some ground.

In Dublin, it finished six cent lower at €10.45.

Fyffes was again active, with more than five million shares traded. The stock held steady at €2.11 in the wake of Monday's sharp drop and as brokers formalised the downgrades to their forecasts for the company.

Meanwhile, DCC gained 13 cent to €16.65 as the market awaits the judgement in its High Court battle against Fyffes in the coming days.

Irish Continental Group recovered some of Monday's lost ground, gaining 10 cent to €10.20 as last-ditch efforts to resolve the row at its ferries subsidiary got underway.

Other movers yesterday included Greencore, which gained 10 cent, or 3 per cent, to €3.38.

IWP was up by one cent, or nearly 17 per cent, to €0.04 as the company told shareholders at its annual meeting that group operating profits should be in line with expectations.

Among the smaller stocks, shares in Newcourt were active as the stock gained three cent, or 3.3 per cent, to €0.93.

Settlement Day: December 16th