Kerry provides main focus in mainly lacklustre day's trading

THE Dublin market experienced another lacklustre day and thin trade yesterday, with the index down 15 points at the close of business.

The main news of the day was Kerry, which produced better than expected interim results. The country's largest food company posted pre tax profits of £20 million, a rise of 21 per cent for the first half of the year.

Kerry said current trading was in line with group targets and it remained confident of a satisfactory outcome for the full year.

Kerry's debt equity ratio, which rose to 120 per cent following the purchase of DCA, stood at 108 per cent on June 30th, 1996. The results were greeted favourably by the market and the share price rose 3p to end the day at 595p.

Trading in the main financial stocks was thin, with AIB slipping 4p to close at 353p. Bank of Ireland did not trade. Dealers said the market was waiting to hear from the FOMC regarding a possible rise in US interest rates and from tomorrow's Bundesbank meeting. Irish Life was up 3 1/2p at 243 1/2p.

CRH fell 10p to 608p due to general weakness in the sector, according to dealers. Crean, which previously dealt at 205p, fell back to 200p.

Greencore was down 3p at 307p. Avonmore's share price was down 5p at 145p. Market sources said liquid milk had been under pressure recently and the butter and powder markets had been weak during the past month or two.

The announcement by Safeway, in Britain that it was bringing out its own label banana did not affect Fyffes stock, according to market analysts, but its share price did slip to 104p from 107p.

Waterford Foods was up 1p at 90p. World Fluids saw its share price slip back by 1/2p to 5 1/2p.

Among the exploration stocks, Tullow gained 1p on the day to finish at 93p, while Arcon finished unchanged at 33p.

Jurys, which holds its annual general meeting next Monday, gained 2p on the day, closing at 272p.

Monday's volume was £8.78 million, according to traders, and yesterday's was even less. "It's a bit too quiet for our liking," remarked one trader.