Iseq holds line as bourses lose ground

Dublin report:The Irish market ended the day more-or-less unchanged yesterday, shrugging off negative news that pushed its European peers lower.

The combination of a spike in US producer prices, a plunge in Thai stocks and patchy Wall Street earnings prompted investors to reduce exposure to riskier assets in some areas, but Ireland managed to hold its ground.

Dealers reported significant interest for the time of year and volumes were reasonable in most of the main stocks. However, all the financials ended in negative territory.

Drinks and snacks maker C&C was in focus as speculation that a venture capital group had built up a stake in UK drinks group Britvic with a view to taking it over helped draw attention to the sector.

C&C shares rose 15 cent, or 1.2 per cent, ending the day at €13.05. Almost 1.6 million units changed hands.

Meanwhile, building materials group Kingpsan continued the good performance it put in on Monday following a positive trading update and closed a healthy 48 cent up, or 2.5 per cent, at €19.78.

Grafton was also in focus ahead of a trading update due today. The shares added 35 cent, or almost 3 per cent, to close at €12.19.

Elsewhere, activity in Ryanair and Aer Lingus was muted despite the fact that the European Commission ruling on Ryanair's proposed €1.4 billion takeover of the former State airline is due later today.

Ryanair held steady above the €10 mark, edging 1 cent higher to close at €10.05, while Aer Lingus was unchanged at €2.75, 5 cent below the Ryanair offer price.

Dealers reported significant demand for Independent News & Media, whose shares closed up 10 cent, or 3.5 per cent, at €2.99.