THE Dublin equity market fell back yesterday on signs of profit-taking from overseas and domestic institutions. Most of the leaders lost ground as falls in London and very low volumes in New York hit sentiment.
Bank of Ireland pulled back further to close down 5p to 445p, after results from Bank's Irish operations on Wednesday were deemed to be slightly disappointing. Many brokers have revised their forecasts downwards. AIB was off 3p to 336p while Irish Life lost a penny to 257p.
Smurfit was easier as international paper stocks lost ground on Wednesday's news that box shipments in the US were weak. This was despite news that IBI has increased its stake in the company, to 15 per cent. It fell 6p to 167p.
CRH also fell on profit-taking. It ended down 5p at 587p.
The second-liners had a mixed day, with the food sector continuing weak on the uncertainty over milk prices. Avonmore remained flat at 145p, Golden Vale lost a penny to 64p while Waterford Foods lost 2p to 94p.
Hampden group director Mr Peter Goldstone sold 137,500 shares at 90p a share on Wednesday, leaving him with 250,000 shares. The stock closed undealt, indicating 85-95p.
DCC, which yesterday sold its 25 per cent shareholding in building materials group Heiton Holdings, bucked the trend and gained 4p to 252p.
News that Minmet has been awarded a licence to prospect for gold and silver over a 500 square kilometre area of Devon known as Crediton Trough failed to move the price. It closed undealt at 1 1/4-1 1/2p.
At the same time, Connary, a subsidiary of Minmet, placed 10.2 million new 1p ordinary shares at 2.5p per share to raise £255,000 for the company. The money will be used to continue the exploration programme for gold near Oporto in Portugal. Minmet holds 53.9 per cent of the outstanding equity in Connary.
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