IGNORE the rise in the ISEQ yesterday was a day of profit taking in the Irish market with the rise in the index due totally to another sharp rise by Elan on the New York market. Elan was up $2.50 to $57 with strong demand for the shares.
Otherwise, it was all downhill with investors taking some profits after the strong gains of the past couple of weeks. Financials felt the brunt of the profit taking with AIB down 5p to 363p and Bank of Ireland 3p lower on 462p. The smaller financials were more resilient with Irish Permanent unchanged on 405p and Irish Life up 1p on 258p.
Woodchester was also 1p firmer on 177p - the company may benefit from the Charks' Hurst acquisition in Northern Ireland bye Woodchester's associate, Lookers. This deal which could cost Lookers over £20 million is likely to be formally announced next week.
Elsewhere, CRH was 1 1/2p lower on 464p, while Smurfit lost 2p to 159p as JS Corp lost 25 cents in New York to $10.75. Greencore gained 5p to 542p, Heiton was in sudden demand and gained 7p to 86p after its good half year results while IAWS edged to another new high with as 1p gain to 144p.
Kerry regained 10p to 495p, United Drug jumped 12p to 250p while Glencar was 2 1/2p firmer on 69p.
