Dublin report: The Irish market ended a volatile week on a positive note yesterday, closing just under 1 per cent higher in what was a very rare positive outperformance of its European peers.
Compared with the closing level last Friday, however, the Iseq index of Irish shares was more or less unchanged at 7,869.35
The star performer yesterday was drinks group C&C. The shares jumped 10.5 per cent, or 64 cent, to end the day at €6.72.
Dealers were unable to pinpoint a reason behind the surge, though were quick to point out that it has fallen significantly in recent weeks after being forced to issue several profit warnings as the poor summer weather dampened sales of its trademark cider in both the UK and Ireland.
The company has also been the subject of significant speculation regarding takeover bids from SAB Miller and Scottish & Newcastle. Yesterday 3.5 million shares changed hands.
Elsewhere shares in Irish Continental Group rose 2 per cent, or 50 cent, to close at €25.50, though volume was relatively light.
Moonduster, one of the groups seeking to take over the ferry operator, said yesterday it had increased its stake in ICG, paying as much as €25.20 for some of the shares. As a result, if it were to make a formal offer for ICG it would have to pay equal to or above that price, which is 5 per cent more than the €24 a share being offered by Aella.
The financials put in a mixed performance, with Anglo clawing back some of Thursday's losses, to close up 3.5 per cent, or 43 cent, at €12.90.
AIB meanwhile fell 1.1 per cent, or 19 cent, to close at €17.11, a fall that may have been prompted by several funds selling the stock as a result of the rebalancing of the Eurostoxx 50.
Settlement day: Septeember 26th
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