ISEQ slips as market settles back in to new year

Market report: Irish stocks came back a little yesterday after their exuberant opening to the new year on Tuesday. The ISEQ gave up almost 0.6 per cent.

Volumes remained buoyant, although somewhat distorted by the 23 million shares traded in perennial underperformer Waterford Wedgwood.

The leading financials largely tracked the market's overall performance with AIB down 16 cents on €15.20 and Bank of Ireland off 12 cents on €12.21.

Anglo Irish Bank dipped as low as €18.05 before recovering somewhat to end the session nine cents weaker on €18.17. Irish Life & Permanent bucked the trend to close 14 cents ahead on €14.05 to hit levels not seen since last March.

The major corporate news on the day was CRH's trading statement projecting profits in excess of €1 billion for the first time. However, the figures along with a cautious outlook saw the share give up all the significant gains of Tuesday and a little bit more in solid trading. The shares ended on €19.60, down 50 cents or 2.49 per cent.

Eircom had another strong session, challenging €1.80 for the first time with more than four million shares changing hands in Dublin. It closed at a high of €1.79, up two cents on the day.

Elan followed its significant catch-up on Tuesday with further moves yesterday, adding 25 cents to €21. The stock, which accounted for a large portion of the ISEQ's 26 per cent gain last year, is already more than 7 per cent stronger in the first few days of 2005.

Fyffes, which has been the subject of active trade in recent weeks, shed a cent to €1.91 with more than 1.6 million shares traded.

For all the business in Waterford Wedgwood, the stock remained stationary at just over six cents.

Paddy Power shed 30 cents, or 2.75 per cent, to €10.60 following a profit warning from UK rival Stanley Leisure.

In the immediate wake of the warning, the stock fell as low as €10.30.

Settlement Day: January 8th