Mixed fortunes on index for DCC and Fyffes

DUBLIN REPORT: Iseq: 3,101.10 (-7.07) Settlement date: January 22ndTHERE WERE mixed fortunes on the Iseq index of Irish shares yesterday for DCC and Fyffes, the two companies on either side of the transactions subject to investigation by the Director of Corporate Enforcement, who said no action would be taken against DCC in relation to its sale of shares in Fyffes a decade ago.

DCC, a distributor of goods from computer games to fuel, fell five cent to €21.07, while banana group Fyffes rose 5.68 per cent in percentage terms, finishing the day up two cent at 46 cent.

On a day when European stocks made modest gains despite worse than expected results from Germany’s key Zew index of economic confidence, the Iseq index finished down, but only marginally.

Among the financial stocks, AIB rose almost 3.4 per cent in trading, closing at €1.53, but its gains were not replicated by the other two main financial stocks. Bank of Ireland fell 2.3 per cent to €1.48 as the EU put a block on payment of interest to bondholders, while Irish Life Permanent fell 4.7 per cent to €3.75.

The Government confirmed it will commission two reports – one by the Central Bank and one by an independent expert – into the banking crisis.

Following Cadbury’s decision to accept a takeover offer from Kraft, NCB food analyst Paul Meade said the deal might prompt Kraft to sell off some of its cheese powder ingredients assets – assets that might be of interest to Kerry. The Irish food group rose 10 cent in trading yesterday to close at €22.35, up half a per cent.

However, cake and sandwich maker Greencore dropped 1.8 per cent to €1.34, while Cuisine de France owners Aryzta fell 1.1 per cent to €26.80.

Building materials group CRH, the largest component stock on the index, slipped 2 cent to €18.19, while Ryanair, the second largest stock added a cent to €3.40.