Moderate taking of profits prevents any major advances

The Dublin market was described as quiet yesterday, with some moderate profit taking preventing any major advances.

The Dublin market was described as quiet yesterday, with some moderate profit taking preventing any major advances.

What activity there was centred around the leaders, particularly AIB and Bank of Ireland.

With AIB's results due on Wednesday the market continued to speculate on whether the figures will exceed forecasts.

The appetite for the shares is being increased by rumours that AIB is being "stalked" by some of the larger US banks with a view to a takeover.

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"There are all kinds of rumours flying about in the run up to Wednesday and that is pushing the stock even higher," said one dealer.

It was a good end to a bad week for Bank of Ireland as it saw its share price go from 1209p to 1225p.

The healthy returns from Lloyds TSB Group in Britain were said to have pushed up almost all banking shares, according to dealers.

"The falls in Bank of Ireland seem to have just been a bit of profit taking and the stock has regained almost all the loses already," said a dealer.

Greencore was hit by the markets again yesterday, shedding 8p in a drop from 378p to 370p.

The market is continuing to punish the company for failing to acquire the Spillers flour division from the Kerry Group, recently acquired from Dalgety Foods.

"The market is crying out for the company to make an aquisition, but there seems to be no sign of one yet," said a dealer.

Powerscreen's meeting with Dublin fund managers was said to have limited effect according to traders, although there was a small 4p rise in the shares, from 290p to 294p.

"The meeting was more of a formality than anything else, the auditors report is what matters now," said a dealer.

Waterford Wedgwood was unchanged on the day and the market was said to be unmoved by the announcement that the company has increased its holding in Rosenthal AG to 84.62 per cent.

The other main movers on the day were Anglo Irish Bank up 2p to 163p, Avonmore Waterford up 8p to 320p, CRH down 10p to 855p and Elan Corporation down from 4136p to 4081p.