Market trades sideways due to lack of stimulus

With nothing to stimulate it, the Irish market traded sideways on low volumes yesterday. But Irish and other markets will be keeping a close eye on the consumer prices data from the US later this week and hoping that these show US inflation coming further under control.

Price changes were negligible, but Irish Life was probably the best of a dull bunch, gaining 13 cents to €9.45. Turnover in Irish Life, however, was a pitiful 52,766 shares. Other financials were mixed, with AIB down 9 cents on €10.83, Bank of Ireland up 5 cents to €7.38 and Anglo Irish losing 6 cents to €2.27.

Among the industrials, CRH, linked with a possible joint bid for Tarmac's business in the US, was down 15 cents on €19.15. Eircom managed to regain 9 cents to €3.09, although the stock is unlikely to make much ground from that closing level.

Ryanair gained 20 cents to €8.40, DCC was 22 cents firmer on €10.32 and Arnotts was up 15 cents to €6.90, but Ryan lost 3 cents to €1.17 ahead of its a.g.m. Ryan shareholders will, no doubt, be hoping for further clarification on the reasons why two other hotel groups have bought sizeable chunks of the company in recent weeks.

Technology shares were generally weaker, in line with a lower opening on the Nasdaq. Smartforce fared worst and was down $4 by midday on $46. Baltimore, after falling 13p to £5.64 sterling in London, also continued to fall on Nasdaq, where it was more than $1 lower on $16 1/2 by the Dublin close.