Markets stays sluggish but is expected to gear up during week

EVEN though the London and New York markets powered ahead to new all time highs, trading in Dublin was thin, with little movements in the leaders.

The market, however, closed reasonably well bid and with Wall Street 50 points ahead as Dublin closed, prices should move ahead over the week. It remains to be seen whether the ISEQ can add the 20 points needed to bring the market to an all time high.

The move by Independent to mop up the outstanding shares in Wilson & Horton was warmly welcomed by the market and Independent closed up 11 3/4p on 207p. With the W&H deal - as it is currently framed - expected to boost earnings in year one, investors have responded favourably to a deal that will transform the Irish company.

Price changes among the leaders were insignificant. In thin volume, AIB was up 2p on 368p while Bank of Ireland was 3p higher on 476p. CRH drifted 3p lower to 612p while Smurfit was unchanged on 163p.

Elsewhere, Greencore jumped 6p to 325p as analysts forecast that the beet harvest in Europe may be mixed with some of the major northern European growers suffering from the dry weather in July and August.

Golden Vale was unchanged own 57p ahead of today's interim results, where little good cheer is expected. Waterford Foods - trading ex dividend - was 2p lower on 85p as Riada suggested that 90p may be a ceiling for the share for the foreseeable future.

Waterford Wedgwood was unchanged on 80p after Rosenthal denied that it was in discussions on a takeover by the Irish company.

Turnover figures show heavy trading in Waterford Wedgwood on Friday, with over 7.5 million shares trading.