Dublin report: The Irish market slipped yesterday from the record high it achieved on Wednesday, although volumes were weak across the board as many investors took advantage of Thanksgiving celebrations in the US to take a long weekend break.
Things are likely to be quiet today too, traders said.
Positive results from the Republic's second-biggest bank failed to inspire any momentum as investors chose to take some profit. Bank of Ireland yesterday reported a 28 per cent jump in pretax profits in the six months to the end of September, and chief executive Brian Goggin said that he was confident the group would produce another strong performance over the coming six months.
The shares fell 15 cent to close at €13.05, a drop one trader said was undeserved given the results. The negative performance of Bank of Ireland's shares helped drag the other financials down. Allied Irish Bank slipped 17 cent to end the day at €17.82, while Anglo was down 10 cent at €11.48.
Irish Life & Permanent bucked the trend, closing up five cent, at €15.20.
Greencore was another gainer on the day, as the stock benefited from a long-awaited decision on the fate of the sugar beet industry. EU farm ministers yesterday accepted cuts of as much as 36 per cent in the price guaranteed for sugar growers in return for significant compensation packages and aid.
The stock climbed 12 cent, or 3.7 per cent to end the day at €3.40. One trader said the announcement was a great boost for the stock, which had been struggling in recent times.
Eircom was also on the up on the day, rising 4.6 per cent on the back of rumours that an announcement is expected soon on the outcome of the group's talks with Swisscom.
One trader said the stock was boosted by comments made by Swiss finance minister Hans-Rudolf Merz that described the talks between the two groups as "relatively advanced". The shares closed up 10 cent at €2.30.
Settlement Day: November 29th
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