Dublin Report:Shares in Irish Continental group fell yesterday after the Labour Court ruled that the company should honour its current agreements with unions.
The stock lost 18 cent, or 1.7 per cent, to €10.47 as its subsidiary, Irish Ferries, which is trying to replace almost 550 Irish staff with cheaper agency workers, said it could not accept or implement the Labour Court recommendations.
Although the ISEQ finished the day little changed, edging up by less than five points, there were other pockets of interest, particularly among second-line stocks.
Housebuilding groups Abbey and McInerney gained 3.5 per cent and 3.7 per cent respectively on foot of the news that UK housebuilder Persimmon was in talks to buy rival Westbury.
Kingspan also closed higher, adding 26 cent or nearly 2.6 per cent to €10.35 amid speculation a deal could raise the profile of timber frame manufacturing in the UK.
Grafton steadied after Friday's 6 per cent drop in the wake of Travis Perkins's profit warning. It finished the day seven cent higher at €8.25.
Other movers yesterday included Ryanair, which added 14 cent, or 1.9 per cent, to €7.39 as the oil price slipped back amid what dealers described as "optimism" around the stock.
DCC, which also issued first-half results last week, added six cent to €16.66 as its management took to the road to meet investors.
IAWS, which recently found its way back into Merrion's
10-stock model portfolio, gained eight cent to €12.28. Merrion believes that the derating of the stock has been overdone and its valuation is again attractive.
Paddy Power, which has been under pressure, also bounced back, adding 25 cent or nearly 1.9 per cent to €13.60.
But Eircom fell four cent, or 1.7 per cent, to €2.29 ahead of the release of second-quarter results today. United Drug also slipped back, losing three cent to €3.17 amid some disappointment over results from rival, Celesio.
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