Market mirrors global trend with few gainers

Market Report: The Irish stock market followed international markets lower yesterday as it gave up 0.4 per cent of its value.

However, dealers said volumes were relatively light as investor attention focused on the US market, awaiting direction from Wall Street.

Financial shares turned in a mixed performance ahead of the release of Bank of Ireland results later today.

Shares in the bank were unchanged at €12.22 as the market awaited an update on the current rationalisation process, its asset management business and its UK operations.

AIB lost ground, closing eight cent lower at €16.32 while Anglo Irish Bank also had a poor day, shedding 21 cent or 2.2 per cent of its value to €9.35.

In contrast, Irish Life & Permanent managed to move ahead by seven cent to €13.05.

C&C, which barely budged on Tuesday in the wake of results that were broadly in line with expectations, moved ahead yesterday.

More than four million shares in the drink and snacks group changed hands as it added 11 cent, or 3.3 per cent, to close at €3.40, having traded as high as €3.52.

Fyffes edged up by two cent to €2.28 in the wake of good results from Chiquita.

Drugs group Elan managed to hold onto its recent gains, closing five cent higher in Dublin at €5.35.

Independent News & Media, which shed 2.5 per cent on Tuesday following reports of weak advertising revenues among its peers in Britain, bounced back by three cent, or 1.3 per cent, to €2.34.

However, construction-related stocks remained weak.

Grafton dropped by 22 cent, or 2.6 per cent, to €8.30 while Kingspan also gave up 22 cent, or 2.4 per cent, to €8.83.

Dealers said Jurys was quiet relative to recent days, losing 10 cent to €14.20 as around 600,000 shares in the group were traded while investors awaited further news on the takeover approach.

Settlement Day: May 16th