DUBLIN REPORT: Shares closed lower but the 0.7 per cent fall on the day masked earlier weakness, when the market fell by as much as 1.8 per cent. However, it was rescued by a rebound in global stock markets as Wall Street recovered amid a trickle of upbeat earnings reports.
DUBLIN REPORTSettlement Day: July 19th
"The market was all over the place. It's just so nervous," one dealer said. "There is very little conviction in the buying but far more conviction in the selling."
Irish banking stocks were among the better performers on the day, generally ending in positive territory. AIB gained 10 cents to €12.50, Bank of Ireland inched up one cent to €11.40 while Anglo Irish Bank added 10 cents to €6.15.
Irish Life & Permanent proved an exception, however, losing 30 cents to €13.65, while First Active also succumbed to selling pressure, closing 20 cents lower at €4.20.
Elsewhere, Ryanair lost 20 cents to €5.70 while Independent News & Media, which confirmed that it bought back a further 1.6 million shares at prices between €1.75 and €1.86 on Monday, gave up six cents to €1.80.
On a positive note, Elan, which has been in the wars of late, gained five cents to €2.10 while technology stocks also posted gains amid a bounce in the sector internationally.
On the Nasdaq, SmartForce was up 4.5 per cent ahead of the release of second-quarter results today while Iona, which also issues its earnings, added 10 cents to €3.20 in Dublin. Riverdeep gained eight cents to €2.33 while, in London, Parthus added more than 2 per cent ahead of its second-quarter figures.
