Market Report: Share prices in Dublin turned weaker yesterday reflecting the general nervousness that has returned to haunt world markets in September.
In terms of corporate news, Fyffes, Irish Continental Group and recruitment firm CPL all posted figures.
Fyffes announced that its profits fell to €39.6 million in the six months to the end of June compared to €76.1 million which was slightly better than market expectations.
The company also announced that it is to demerge its general produce and distribution business into a new, separately quoted company to be fully-owned by the company's shareholders. The new company will be listed on the Irish Stock Exchange's IEX market in Dublin.
The market responded positively to the news although some dealers felt the company needed to explain its strategy more clearly. Fyffes shares ended five cent better at €1.64.
ICG reported pretax profits of €2.7 million for the six months to the end of June, up from €1.7 million at the same time last year. The company warned that it expected a challenging revenue environment in the second half of the year, mitigated by the flow though of its costs savings.
ICG shares gained one cent to end at €11 in Dublin.
CPL, which is listed on IEX, reported an 83 per cent jump in pretax profits for the year to the end of June 2006 to €10.6 million from €5.8 million in 2005.
Revenues rose by 41 per cent to €148 million from €105 million. CPL shares added five cent to €4.95.
Other shares traded include CRH, which was weaker at €26.80, down 65 cent, AIB which was off 20 cent at €20.30 and Irish Life & Permanent which ended the session 35 cent weaker at €19.20.
Bank of Ireland lost five cent to €14.65 while Anglo Irish Bank was also five cent lower at €12.55.
Settlement day: September 12th
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