Stock markets continue to trade in a narrow range as investors remain cautious about the impact the offensive in Afghanistan will have on prices. Turnover in most stocks listed on the Irish market remains low, with investors unwilling to take positions while times are so uncertain.
Once again the modest fall in the ISEQ was mainly down to weakness in index heavyweight Elan, which lost €1.80 to €50 in Dublin and was trading down $0.49 in midday New York trading on $45.95. Financial stocks were firmer in light trading with AIB up 15 cents on €10.65 and Anglo Irish 20 cents higher on €2.95 although Bank of Ireland drifted two cents lower on €8.90.
Among industrials, CRH edged six cents higher on €18. CRH has been included on the final short list of four that have been invited to carry out due diligence on the Polish lime producer Trzuskawica. The other bidders are Finland's Partek Nordkalk, Germany's Fels and Sweden's Svenska Minerale. The price for the Polish group is likely to be modest, but it is thought that it will need capital investment of between €30 million and €60 million.
Some of the heaviest trading was in Smurfit which fell two cents to €1.91 in turnover of 3.8 million shares. Ryanair was 14 cents higher on €9.14, while both hotel stocks bounced back from, recent weakness - Jurys gained 42 cents to €6.25 while Gresham was six cents higher on €0.72.
Technology shares were mixed with Parthus up 21/4p to 243/4p sterling after announcing a GPS system linked to mobile phones. Baltimore, however, fell 23/4p to a new low of 14p on absence of takeover news while SmartForce was trading $1.31 lower on $16.99 in midday Nasdaq trading.
