Investors stay away in 'quietest week of the year'

Dublin ReportSettlement Day: August 30th"All in all, it could well end up as the quietest week of the year," was Davy's assessment of the market yesterday morning, with the afternoon providing little reason to argue with the assessment.

Volumes were again poor across the board, with the banks particularly anaemic. Just 800,000 shares changed hands in AIB, which dropped four cents to €12.80. Bank of Ireland was a touch busier on the back of strong results from its life division, but it failed to make headway on the price front, sticking at €10.80.

Analysts suggested that the solid Bank of Ireland life numbers should bode well for Irish Life and Permanent, which issues interim numbers next Wednesday. The firm closed unchanged at €12.25 last night.

Anglo lost one cent to end the session at €13.50.

Ryanair opened well after gaining ground in the US overnight. Falling oil prices were in the minds of investors as the stock rose by nine cents to €4.25.

C&C was under some pressure in advance of today's trading update, with shares closing four cents weaker at €2.56.

Dealers said some investors were nervous about rumours that the highly geared firm could be interested in Scottish distillery Glenmorangie, which has been put up for sale.

Eircom was unchanged at €1.45 in advance of its first-quarter results tomorrow.

FBD moved weaker, despite posting impressive first-half results. The stock had advanced well in the run-up to the numbers but gave up 45 cents yesterday to close at €16.55.

Independent News & Media was busier than most stocks, with almost two million shares traded as it fell by one cent to €2.00.

DCC was also reasonably busy as it added five cents to close at €14.35.

IAWS was another winner as it climbed 25 cents to €10.35 on relatively quiet trade. Fyffes was less solid, losing two cents to finish at €1.76.