THE slump in international equity markets after the overnight 77 point fall on Wall Street dragged the Irish market sharply lower. Trading was thin, however, typical of the day before a long weekend and there seem reasonable prospects for a rebound next week given the firmer opening on Wall Street yesterday.
The surprise sale of the Outokumpu share holdings in Arcon and Ivernia provided some excitement for the few still at their dealing desks in the afternoon. Outokumpu's 12.4 million shares in Arcon were placed with institutions at 27p a 6p discount on the market price and a price that is thought to have left Arcon management distinctly amused.
Brokers expressed surprise at the size of the discount and some said that a smaller discount might have been appropriate. The 12.3 million Ivernia share's were placed at 75p, a 3p discount to the market price a modest discount given that almost a quarter of the company was being sold.
Elsewhere, financial shares were generally weak, with Bank of Ireland down 7p on 446p while AIB lost 2p to 330p. Irish Life dealt down 1p to 254p in an after hours deal. Industrials were mixed with CRH 41/2p lower on 573p although Smurfit gained 1p to 173p, continuing a good recent run. Fyffes lost 2p to 108p, Grafton hit another new high and closed up 10p to 610p while IAWS remained well bid on 154p after announcing that the parent co-op is to take its stake below 51 per cent.
Kerry also hit another new high of 600p before closing up 5p on 595p.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)