Market recovers with US news

 

The smaller-than-expected rise in US consumer price figures brought the Irish market back from its earlier lows, but shares still closed down marginally on the day as Wall Street failed to make any headway despite interest rate-friendly consumer prices.

The only corporate news of the day was the full-year results from IAWS - already overshadowed by the positive response to the Cuisine de France acquisition - and the third-quarter results from JS Corp.

The JS Corp results failed to excite, with the market more interested in the group's restructuring which has still to be finalised.

Smurfit shares were unchanged on 225p, but JS Corp shares slipped 31 cents in New York to $19.69.

The IAWS figures were ahead of forecasts and the shares were up 1p on 258p, but most analysts are looking further ahead when the Cuisine de France acquisition is bedded down.

Elsewhere in the food sector, Greencore lost 2p to 318p, Avonmore/Waterford was 5p higher on 265p, while Kerry was unchanged on 845p.

Financial shares were weaker, with AIB off 4p on 601p, while Bank of Ireland was 6p down on 874p despite the bullish response to the New Ireland acquisition.

Anglo Irish added 1p to 113p, Irish Life lost 10p to 375p, while Irish Permanent was unchanged on 685p.

Among second-liners, Grafton gained 20p to 1350p, Independent lost 2p to 398p, Ivernia gained 2 1/2 p to 114p, while Ryanair drifted 13p lower to 382p in thin trading.