Market Report:Investors breathed a sigh of relief yesterday as the week ended on what one dealer described as a welcome mundane day after the recent volatility.
The Iseq index of Irish shares ended the day down marginally. However, over the course of the week, the index was up 2.7 per cent, a gain that added more than €3 billion back onto the index's value.
The main story of the day was C&C. Shares in the drinks group fell more than 7 per cent after new data from market research group AC Nielsen showed that sales of a rival cider had grown at a significantly faster rate than its own Magners cider in the British off-trade market.
Sales of Magners increased by just over 19 per cent in the four weeks to August 11th, compared with an 80 per cent increase in sales of Scottish & Newcastle's Bulmers. Dealers said there was concern in the market that this may lead to the group's third profit warning this summer.
The shares recovered some ground later in the day, although they still closed down 5.5 per cent, or 30 cent, at €5.20. More than 5.7 million shares changed hands. Elsewhere, activity was quiet with low volumes in all the financials except for Bank of Ireland, and little in the way of movement from any of them.
Independent News & Media had a good day, rising almost 4 per cent, or 13 cent, to close at €3.39. As many as 1.4 million shares changed hands.
Irish Continental Group was quiet, climbing just two cent, to €24.52. Property developer Liam Carroll revealed he had bought another 6,000 shares, increasing his stake in the ferry group to 19.4 per cent.
Meanwhile, McInerney said that Allianz SE and Dresdner Kleinwort had increased their stake in the company from 7 per cent to 12.13 per cent. The shares rose one cent, to €2.13.
