MARKET REPORT: The decision by paper and packaging group Smurfit to agree to meet a rival suitor after earlier this week recommending a €3.7 billion takeover of the company, together with rumours of a possible trade buyer waiting in the wings, led to continued interest in the stock yesterday, with around 20 million shares changing hands.
The stock, which had been trading at discount during the week, edged up three cents to €3.14 on the back of the news, bringing it closer to the equivalent bid level from Madison Dearborn.
The two big banks, which were quite weak at the beginning of the day, put in a big rally in the afternoon, with both finishing stronger. Bank of Ireland, which traded as low as €11.90 at one stage, eventually closed the day at €12.58, 28 cents up from its opening price, with more than 4.6 million shares traded.
AIB was two cents stronger at €13.32 on low volumes of 700,000 shares. Elsewhere among the financials, Anglo Irish shed 11 cents to €6.45 on good volumes, while Irish Life & Permanent was up seven cents to €15.31. First Active fell back seven cents to €4.83.
Ryanair, which had been under pressure in the previous few days, staged a fightback yesterday, picking up five cents to €6.40 with more than 1.9 million shares changing hands.
Waterford Wedgwood continued to drift on the weakness of the dollar, with the euro breaking through the $0.97 mark. The stock finished three cents weaker at $0.57.
Elsewhere, Kerry was down 20 cents at €15.35 and Galen fell 35 cents to €6.89.
Overall, the ISEQ was 0.25 per cent - or 12.33 points - stronger at 4,847.93 yesterday to finish what one analyst described as a "very tough week".
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