Financials fare poorly in first post-Easter trading

Dublin Report: The holiday mood was still holding strong on the Dublin market yesterday, with volumes anaemic even among the larger stocks.

Low levels of trade did not prevent some substantial price changes, however, with Anglo Irish among the hardest hit in this regard.

Shares in the bank shed 44 cent to finish at €19.60, as 1.3 million shares changed hands. Dealers said a programme seller had hit the stock, but they reported good support at lower levels.

The other banks had a less dramatic day, but still ended up on the weaker side. AIB was down 10 cent at €16.05, while Bank of Ireland dropped by 11 cent to €12.29.

Elsewhere, Grafton had another weak day, falling by 15 cent to €9.20. The stock is now down almost €1 over the month of March, with some market watchers blaming the company's own efforts to dampen expectations on the integration benefits of the Heiton acquisition. Davy has a price target on the stock of €11.30 for the enlarged Grafton.

Paddy Power was also in poor form as the market mulled over the likely impact of the Cheltenham festival on the firm's finances. Shares closed at €13.70, down 20 cent.

Waterford Wedgwood strengthened a touch, gaining 2.38 per cent. It remained at 4 cent however.

Irish Continental did badly, slipping below the golden €10 mark. The ferry group ended the session at €9.95, down 35 cent.

Other losers on the day included Glanbia, which shed four cent to finish at €2.77, and Fyffes, which lost three cent to close at €2.17.

IAWS was in better form as its shares added 22 cent to reach €11.97. Unidare also had a good day, rising by 11 cent to €3.16.

Independent News & Media climbed four cent to €2.43. Eircom was in positive territory too, adding four cent to finish at €1.96. CRH was unchanged at €20.35, while Ryanair dropped seven cent to €6.05.