Stock markets turned weaker in thin trading across Europe, with oil stocks depressed by a Saudi threat to increase production and telecoms hit by a planned change to the STOXX index which would dilute the presence of the big European telcoms which still have a large Government shareholding. Wall Street's holiday for Independence Day meant no stimulus came from across the Atlantic.
The main contributor to the 51 point rise in the index was Elan which jumped €1.30 to €51.30 while another market heavyweight CRH was 36 cents higher on €19.09.
Financials were mixed with AIB up 16 cents on €9.60, while Bank of Ireland lost eight cents to €6.62. Eircom was two cents higher on €2.72 as the market waits for news of KPN and Telia's intentions.
Second-liners were generally firmer, with acquisition talks boosting DCC 25 cents to €9.75 while rarely-traded Donegal Creameries jumped 30 cents to €2.00. Greencore was 10 cents higher on €2.90, IAWS gained 15 cents to €6.45, while ITG continued to rise and closed 90 cents on €11.40.
With Nasdaq closed, there was little activity in technology stocks. On the Neuer Markt, Trintech continued to recover from recent lows and added 50 cents to €22.50. Conduit, however, is finding life as a plc a little tough and the shares lost 35 cents to close back at the IPO price of €16.00.
In London, Parthus lost 6p to £1.94 sterling, while Baltimore had a good day with a 21p gain to £5.31.
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