Lull continues on another quiet day for traders

DUBLIN REPORT: Iseq:2,867.83 (-38.53) Settlement date:November 24th

THE NOVEMBER lull continued yesterday as traders reported another relatively quiet day on the Dublin market, with volumes below average.

Financials continued to be weak, although Bank of Irelanddid buck the trend to end the session fractionally higher at €1.67, with one trader noting significant volume in the bank's stocks traded in London.

Irish Life & Permanentwas the worst performer among the banks, ending the day almost 8 per cent lower at €3.44, as Tuesday's disappointing trading update continued to weigh on sentiment.

AIBwas also down following a rally in the previous session, closing almost 2.5 per cent lower at €1.73, although volumes were below-average.

Shares in insurance group FBD Holdingsadvanced 3.5 per cent, having gained 10 per cent at one stage during the session, after the company said in an interim statement that its operating earnings per share for 2009 would be ahead of expectations.

Kerry Groupclosed almost 14 cents lower at €20.25, despite a lunchtime trading update for the 10 months to the end of October in which the food group said it expected to increase its earnings for the full year to the higher end of forecasts as its business volumes showed a modest improvement.

Greencore's announcement that it is to sell its bottled water business failed to lift the share price of the company, which is still attracting investor concern over the status of Liam Carroll's 29 per cent shareholding in the company.

In a sign that the sale of the company’s loss-making bottled water business was expected by the market, Greencore was off 2.5 per cent on the day, finishing at €1.37.

Ryanairwas one of the most traded stocks yesterday. It closed 1.5 per cent lower at €2.85, a fall of four cents.