Post-Christmas trading fails to pick up on global trend

Firmer trading on the major international markets had only a marginal impact on the first post-Christmas trading in Dublin.

Dealers were thin on the ground and trading volumes were minimal with fewer than five million shares trading across the entire market.

Today and Monday's half-day session will see that pattern maintained with most institutional portfolios now closed.

The only stock to trade in excess of a million shares was Smurfit which fell seven cents to €2.38. Among the other large capitalisation stocks, Elan - which has converted $50 million of loan notes into an 18.9 per cent stake in Ligand Pharmaceuticals - was 30 cents higher in Dublin on €50.35. Later in New York, the stock was trading 35 cents higher on $44.35.

CRH eased 10 cents to €19.95 while among the financials, AIB was two cents easier on €12.68, Bank of Ireland gained three cents to €10.43 while Irish Life gained five cents to €11.40. Fyffes gained four cents to €1.30 although Glanbia lost six cents to €1.29.

Irish Continental lost eight cents to €6.42 as Merrill Lynch disclosed that its stake was now 5.6 per cent. Merrill's last disclosed stake was 6.9 per cent.

McInerney was unchanged on €1.35 as BIAM disclosed that its stake in the housebuilder had risen from 9.9 per cent to 11.2 per cent -- an additional 530,000 shares.

Kingspan lost 13 cents to €3.17 while Riverdeep lost nine cents to €3.18.