Market lacks direction on day of light trading

Market report: The market closed slightly on the negative side yesterday after a day marked by patchy volumes and limited price movements.

The busiest of the main names on the day was Eircom, where almost five million shares changed hands. The stock fell by two cent to €1.65, probably as a result of going ex-dividend in the previous session.

Jurys was also in the spotlight, although investors continued to hold on to their shares in the wake of the hotel group's €260 million land sale deal.

Last night brought a revised approach from Precinct at €17.50 per share. The company finished at €15.60, down 15 cent on low volume.

Elan hit the headlines after reporting second-quarter figures in line with expectations. The stock was punished in Dublin however, shedding 55 cent to close at €6.10. Dealers blamed an absence of real news on Tysabri.

The banks were generally quiet, with none topping volume of two million shares.

AIB fell by one cent to €17.90, while Bank of Ireland dropped by two cent to €13.87. Both banks were downgraded yesterday by Goldman Sachs, mostly because of the progress they have made recently on price.

Anglo added five cent to finish at €11.10, while Irish Life & Permanent fell by 14 cent to €15.00.

Kerry squeezed better after a substantial block of stock was traded. The food group ended the day at €20.75, up five cent.

Greencore was also reasonably busy, adding three cent to close at €3.53. Fellow food group IAWS rose by seven cent to €11.73.

CRH had another good day, rising by 27 cent to €23.50 after the US Congress agreed a new highway bill worth nearly $290 billion.

Grafton was also strong, closing six cent higher at €9.34. Kingspan also added six cent, finishing at €10.66.

Donegal Creameries was flat at €4.25 as investors digested the profit warning delivered at Wednesday's annual general meeting.

Settlement Date: August 2nd