THE anticipated meltdown on Wall Street in the wake of the Microsoft antitrust ruling failed to materialise, but Dublin still managed to drift lower, with modest losses among most of the leaders. There is still little enthusiasm to go into the market in any size and it may take some serious corporate moves to instil enthusiasm.
Surprisingly, CRH was the biggest loser on the day falling 49 cents to €17.55 (£13.82) even though the RMC bid for Rugby makes CRH look relatively inexpensive. Most interest in the financial sector centres on who will be in the frame for Ulster Bank when indications of interest have to be lodged by next Thursday - the same day that Bank of Ireland announces interim results. Irish Life and Bank of Ireland - potential joint bidders - had contrasting fortunes yesterday, with Irish Life up five cents to €10.05 (£7.92) while Bank of Ireland lost 14 cents to €7.90 (£6.22). AIB was one cent easier on €12.14 (£9.56) while among the industrials Eircom was 5 cents easier on €3.95 (£3.11).
Half-year results from DCC were in line and the shares dipped 10 cents to €7.00 (£5.51). Third-quarter results from Esat were ahead of forecasts, but the shares - after a strong run last week - were only marginally firmer on Nasdaq despite expected upgrades of full-year forecasts in the order of 5 per cent to 10 per cent.
Elsewhere on Nasdaq, Trintech continued to trade strongly after last week's enthusiastic "buy" recommendation from DLJ. It was trading up almost $1 on $25 as the Irish market closed - up almost a third on the price of a week ago.
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