Investors hold fire for Ryanair and Norwich Union issues

THE Dublin stock exchange was quiet but firm yesterday. Turnover was subdued as the market paused for breath following the recent strong performance.

Brokers said that the impending issues from Ryanair and Norwich Union may mean money is being held back from the market. The easing of the market was a reflection of similar developments abroad.

Trade eased in the afternoon due to a combination of overseas selling and profit taking in the main financial stocks. Irish bonds eased across the board in late trade in line with bunds as the German market showed little enthusiasm to break out of its recent range before a national holiday today.

Among the main financials AIB eased 7p to close at 483p while Bank of Ireland dropped 8.75p to 711.25.

CRH dropped 3p to 680p reflecting reaction to chairman Mr Tony Barry's statement to the group's a.g.m. that first half profits this year would be down on those of 1996, though the outlook for the full year was favourable.

Avonmore, which has announced agreement to buy an initial 10 per cent of British cooked meats business, Beni Foods, for £5 million sterling, including repayment of intercompany debt, increased by 5p to 237p.

Hibernian was up 3p to 335p and Irish Life rallied 4p to 342p. Other movers were Clondalkin, up 10p to 630p, Crean, up 5p to 235p, and Heiton, up 4p to 114p Kingspan increased by 10p to 755p. IWP was up 5p to 300p.

Unidare was down 30p, to 170p. FBD was down 5p to 245p.

Fitzwilton was up 1p to 52p.

Norish was up 3p to 105p. McInerney was up 2p to 66p.

Among the food companies Golden Vale was up 2p to 65p and Kerry was up 5p to 645p.