Dublin report: It didn't take long for the January blues to show their face, as the positive start to the year in the markets was dented yesterday by a significant amount of profit taking following the recent strong gains.
On what was generally a negative day which left the Iseq down 1.2 per cent, Fyffes stood out like a sore thumb, with an 8 per cent gain on the day.
Dealers reported significant demand for the stock, with almost 7.3 million shares changing hands only a day after it spun off its general produce division Total Produce.
Fyffes itself rose 8 cent, to close at €1.08, while Total Produce, which started trading on Dublin's IEX on Tuesday, slipped 3 cent, or 4 per cent, to close at 73 cent. Demand for the stock, however, was limited, dealers said.
Kerry was also a strong performer, gaining 45 cent, or 2.4 per cent, to close at €19.20, though dealers couldn't find any stock specific news that may have prompted the move.
In fact, the only big newsmaker was CRH, but a better-than-expected trading update from the building materials group failed to provide any upwards momentum and the shares fell 51 cent, or 1.6 per cent, to close at €31.04. Dealers attributed the decline to profit taking following the group's good run in the weeks before Christmas.
Another gainer of recent times, C&C, was also a loser yesterday, dropping 30 cent, or 2.2 per cent, to end the day at €13.60.
Dealers said they don't expect the bad times to last long for the drinks group and described yesterday's decline as a small blip on a very positive horizon. AIB meanwhile lost 50 cent, or 2.1 per cent, to close at €23 following a very good run on Tuesday. Bank of Ireland was also a loser, ending the day down at 30 cent, or 1.7 per cent, to €17.22.
Settlement day: January 8th
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