Irish shares ended the week marginally lower despite another strong performance from financial stocks. The ISEQ index was down 22.93 compared with the previous Friday. Irish Life and Permanent continued to storm ahead buoyed by positive sentiment across the European life assurance sector. The group, which announced good half-year results this week, gained 33 cents in trading yesterday ending the week at €10.40.
AIB also enjoyed a strong run, adding 31 cents to rise to €10.58 on the day managing to hold on to gains achieved earlier in the week. Bank of Ireland, however, failed to benefit from the improved tone, and suffered a 16-cents loss to close at €7.10. Dealers suggest the stock may have been hit by profit-taking.
Eircom finished four cents higher at €2.55 as the market waited to see whether KPN would move to sell its 21 per cent stake in the company after its first annual general meeting next Wednesday. Much will depend on the prevailing share price at that stage as KPN weighs up its options.
Elan was weaker in Dublin, shedding four cents to close at €59.50, while CRH was two cents stronger, moving to €18.52. The company's shares had turned weaker earlier this week despite the announcement of good results, due to the announcement of a cash placing of up to 19.57 million new ordinary shares. The shares bounced back a little yesterday as the market began to look more favourably on the announcement. Smurfit also fared better, gaining five cents to end at €2.15.
Other stocks on the move were Kingspan, which lost 15 cents drifting to €2.95, Horizon Technologies - which closed 60 cents lower at €10.20 - and Riverdeep, down 20 cents to €4.30.
In the food sector, Kerry moved ten cents ahead to €14.60, Glanbia was down one cent at 57 cents and Golden Vale closed three cents lower at €1.05.
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