Market advances, but stocks attract little interest

MARKET REPORT: Dublin closed fractionally ahead on a featureless day that reflected the holiday mood on markets across Europe. As it happened, the 0.2 per cent gain in the ISEQ index was the largest of any of the main European bourses.

Trade was spread particularly thinly, illustrated by the turnover of the market's largest stock, AIB. Between Dublin and London, the bank struggled to top the one million mark in turnover. By the close, it had surrendered two cents in Dublin to end on €12.84 with less than 600,000 shares changing hands. In London, it was off five cents on €12.79.

The story was much the same for Bank of Ireland, although it attracted a bit more interest. The shares gave up three cents to end on €10.80.

The smaller banks went the other way with Irish Life & Permanent finishing six cents stronger on €12.25 while Anglo Irish was two cents firmer on €13.49 when business ended.

Elsewhere, CRH gained 18 cents, or close to 1 per cent, to hit €18.65 as the company announced that recently-appointed director Mr Nicky Hartery had bought 1,000 shares at €18.40 on Monday.

The group, which reports interim figures next week, has enjoyed a good run since late June when it was trading around the €17 mark.

Elsewhere, the only turnover of note came in Ryanair and Independent News & Media. Ryanair had a reasonably active day, dipping to €4.08 early before recovering to hit a session high of €4.20. It closed a cent ahead on €4.16.

A single substantial trade in Independent News & Media early in the day boosted its turnover. The stock closed at €2.01, one cent stronger, with 2.275 million shares moving. However, the bulk of the business was conducted at €1.98, the price at which a single tranche of 1.5 million shares moved.

Fyffes, which has been one of the busier stocks in the market this summer, shed a cent to €1.78.