Dublin report: The Irish market fell back yesterday to end the week below where it started, as a lack of local news left the Iseq little choice but to take its lead from overseas.
A weak market in the US overnight and a negative start to the Asian trading day meant indices around Europe were down. The Iseq was no exception, closing down 64 points, at 9,300. Talking points were few and far between, though dealers reported significant selling interest in Allied Irish Bank. More than 4.8 million shares in the bank changed hands, pushing the stock down 1.1 per cent, or 25 cent, to end the day at €22.10. The other financials held up better, though they were also weak on what dealers described as average volumes. Bank of Ireland fell 15 cent, to close at €17.65 with 1.2 million shares traded, while Anglo Irish Bank was down just eight cent, at €15.96. As many as 2.3 million shares changed hands. Elsewhere, building materials group CRH also traded lower, a move dealers attributed to general sentiment rather than anything specific. The shares closed down 11 cent, at €30.75.
Fruit groups Fyffes and Total Produce also attracted significant interest after a quiet few days. Total Produce was worse hit, dropping 4 per cent, or three cent, to close at 71 cent, while Fyffes was down 1.8 per cent, or two cent, at €1.10. Iona Technologies gained 6.5 per cent on the back of positive results on Thursday, though volume was light. Davy upgraded its earnings forecasts for 2007 by 10 per cent, citing expectations of strong growth in the group's product line. The stock added 26 cent to close at €4.26.
Independent News & Media continued to attract interest, with more than 3.8 million shares changing hands. The stock, however, was little changed, down just one cent, at €3.
Settlement day: January 31st
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