Investors warm up to Bank of Ireland purchase

Dublin Report: Volumes held up well yesterday, despite the approaching Christmas break. Activity was particularly healthy in the banks, with much of the interest sparked by Bank of Ireland's early announcement of a $184 million (€153 million) US asset management purchase.

The news was initially greeted with caution and a 20-cent share price decline but responses warmed as the day progressed and the stock closed at €13.34, down eight cent.

AIB also weakened in early trade, but had won back all of its losses by the close, finishing two cent stronger at €17.92.

Irish Life & Permanent did well after losing steam on Monday, rising by 11 cent to €16.24. Anglo Irish quietly moved up by two cent to €12.17.

Still in financials, FBD fell by 15 cent to €37.05 in the wake of Monday's upbeat pre-close statement. Davy's target for the stock is €36.50.

Ryanair had a tough time for part of the day as investors reacted to news that late delivery of new aircraft would force a scaling back of schedules early next year. The stock fell as low as €7.55 before moving back up to close nine cent higher at €7.90.

Fyffes was busy in advance of today's High Court verdict on the insider dealing case it took against DCC and its chief executive, Jim Flavin. Shares in the fruit firm, which has been cited as a possible buyer for Fresh Del Monte, added three cent to close at €2.33. DCC fell by five cent to €16.60.

CRH ended the day a touch weaker, closing 12 cent lower at €24.30. Dealers pointed to a cautious trading update from Hanson, a US peer. CRH itself will issue an update in early January.

C&C was solid in early trade, but fell back as the evening approached, closing five cent lower at €5.40.

Tullow was punished after confirming that a Mauritanian interest had been abandoned as "non-commercial". In Dublin, the stock fell by 23 cent to €3.78, while it declined by 1p to 267p in London.