Market Report

Settlement Day: April 18th: Prices of most of the major financial shares edged ahead in light trading yesterday while industrial shares were mixed.

Corporate events were thin on the ground with the planned spin-out of 6.4 million Kerry shares to members of the co-op the highlight. Kerry shares were unchanged on €15.00 with no new shares being issued to cause any dilution.

The spin-out technically improves liquidity in Kerry shares but the reality is that the co-op members who receive the 6.4 million shares are unlikely to be sellers, so the tight technical situation in the shares will be unchanged.

Standard & Poor's downgrading of AIB credit had no negative impact on the shares. On the contrary, AIB actually gained 19 cents to €14.04 in thin trading. Anglo Irish was the most active financial stock but was unchanged on €5.45, Bank of Ireland gained nine cents to €12.94, while Irish Life gave some of the recent gains and lost 10 cents to €14.95.

The boardroom shake-up at Datalex and the decision to delist from the Nasdaq market had no impact on the shares which were unchanged in Dublin on €0.35 although a line of 2,000 shares being dumped in New York produced a 23 per cent fall in the American Depository Receipts from $0.65 to $0.50.

CRH drifted 25 cents lower to €19.00 while potential takeover candidate Gresham gained five cents to €0.88 as the market waits for the next move from 28 per cent shareholder Euro Sea Hotels.

Elan had a better day, gaining 65 cents to €12.60, and 24 cents to $11.04 on the NYSE. McInerney gained 12 cents to €2.10 in turnover of 385,000 shares, while Ryanair continued its recent good run, gaining five cents to €6.62. Smurfit lost another four cents to €2.51 as news on Smurfit Stone is awaited.