After the profit-taking that sent the share lower in the immediate aftermath of the announcement of the Dura acquisition, more mature reflection on the deal saw Elan shares rise sharply in the morning session in New York. In heavy trading, the shares were up over 9 per cent at $53 3/8 with dealers reporting solid demand. Yesterday's report on the Dura acquisition included an incorrect fall in the Elan share price. This was down to an incorrect price posted on the NYSE website.
On the home market, recent positive broker comment continued to drive Irish Life ahead and the share dealt up 40 cents to €10.95. The other major bank shares were weaker in some chunky trading in Dublin and London, with AIB down four cents on €10.64 while Bank of Ireland ended 13 cents lower on €7.07.
CRH edged 10 cents higher from the placing price to €18.10 in a mixed day for industrial stocks. Ahead of today's annual meeting, Eircom had its best day for some time and closed nine cents higher on €2.64 although this is unlikely to assuage the anger of the thousands of shareholders who will turn up at today's a.g.m.
Smurfit remained weak and lost 10 cents to €2.00 while Greencore was eight cents lower on €2.85. After excellent results which were well ahead of forecasts, Horizon gained 45 cents to €10.75 while IAWS was 35 cents firmer on €7.75. Waterford Wedgwood was three cents higher on €1.30 following its management reshuffle.
Marlborough was unchanged on €2.20 as bid news is awaited . . . and awaited. Mercury Asset Management has disclosed that it has reduced its Marlborough stake by over 2.8 million shares and now holds just under 4.1 million shares or 13 per cent. Selling such a large volume of stock hardly indicates confidence of a bid for Marlborough above the current price.
