Weaker international markets dragged the Irish market marginally lower in thin trading, with only the speculation about Hibernian and the results from DCC enlivening proceedings.
The market doesn't seem to know what to make about the latest Hibernian/CGU speculation with London analysts sceptical about a bid by CGU and a belief in some quarters that CGU is more likely to be a seller of its Hibernian stake rather than a bidder for the outstanding shares.
The speculation did provoke a flurry of early buying but the first deal of the day at 800p sterling (893p) is seen as truly bizarre and involved just 300 shares, according to market sources. Hibernian eventually closed up 50p on the day on 750p, indicating some scepticism about the prospects for a bid. CGU's results on Wednesday might reveal more about the British group's intentions.
DCC benefited from a positive results presentation and the likelihood of significant upgradings, and the shares closed up 70p on 490p. The half-year results were well ahead of forecasts and analysts are expecting an even stronger second half.
Elan lost $6 at one stage on Friday trading on NASDAQ - based on rumours of competing drugs coming on the market but steadied yesterday after Wall Street investment house Cowen came out with a "buy" recommendation. The shares were unchanged last night on $66 from Friday's closing level.
AIB failed to benefit from a recommendation from Wall Street tipsheet Smart Money which nominated AIB, together with Diageo, Ericsson and Gucci as some of the seven stocks to buy as they will benefit most from the single currency. In Dublin, AIB was 6p firmer on 940p but the ADR's were marginally weaker on $84 1/4.
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