MARKET REPORT: Markets were weaker across the board yesterday with activity particularly light because of the July 4th holiday in the US. Dealers said the markets were generally lacklustre and directionless.
Settlement Day: July 8th 2003
In Dublin the ISEQ Index finished the week fractionally higher at 4,280.16, up 0.23 of a percentage point.
The two main banks continued to underperform. AIB ended unchanged at 12.48 while Bank of Ireland lost 15 cent to 10.33.
Anglo Irish Bank was 2 cent down at 7.78, Irish Life & Permanent was 2 cent weaker at €9.50 while First Active managed to buck the trend to end the week up 13 cent at 4.45.
The financials are suffering from large-scale switching as investors sell these stocks and move into other sectors. Investors will be watching for an update on trading at Bank of Ireland, which will hold its annual general meeting on Wednesday.
CRH was weaker with the stock trading down 5 cent to 14.35.
Ryanair enjoyed a bit of a bounce with the stock up around 2 per cent following a 6 per cent decline on Thursday. It gained 14 cent to close at 5.95 as investors became less concerned about the decline in load factors and buyers returned to the stock. Dealers said investors were taking the view that the integration of Buzz was partly responsible for the weakness and that passenger numbers will recover. Its main low-cost rival, easyJet, was also higher in London.
Fyffes lost one cent to 1.43 although the markets are expecting the group to report performance ahead of forecasts in their forthcoming figures.
Irish Continental Group gained 3 cent to €8.35.
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