Settlement Date: March 28th: The Irish stock market clawed back some ground in afternoon trading to lose around 1 per cent of its value yesterday, lagging behind a rally that lifted most major overseas markets into positive territory after a weak start.
Some disappointment with Bank of Ireland's trading statement hit financial stocks, dragging the market lower. Bank of Ireland shares closed 31 cents, or 3 per cent lower, at 9.87 after the statement that one dealer described as "unexciting".
AIB shares also gave up ground, shedding 25 cents to 12.75 while Anglo Irish Bank closed a more modest five cents lower at 6.35. Irish Life & Permanent also ended weaker, losing nine cents to 9.59.
Bucking the general trend, shares in Galen were up by 33 cents, or nearly 6 per cent in Dublin, to 5.88 as shareholders approved the acquisition of three drugs from Pfizer. In London, UBS also raised its recommendation on the stock to buy from neutral and increased its share price target to 600p sterling from 425 pence.
Sherry FitzGerald was another strong performer on the day, adding 23 cents or nearly 19 per cent to 1.45 in a move that prompted the Irish Takeover Panel to demand that management announce an approach to take the company private.
Readymix saw its shares give up much of Monday's 37 cent gain on foot of takeover interest from Kilsaran Concrete. The stock closed 22 cents lower at 1.48.
A pre-close statement from Greencore, which said first half trading was in line with expectations and the group was on track to meet broker forecasts this year, also failed to excite as the shares shed seven cents to 2.46.
