Solid showing by some leading stocks

Market Report:The Irish Stock Exchange followed the trend among European markets yesterday, finishing the day in negative territory.

After a rollercoaster day which saw a wave of lunchtime selling followed by afternoon buying, the Iseq eventually closed down 6.84 points or 0.11 per cent at 6,490.03. Solid performances among some of the larger stocks was the reason the Iseq avoided the carnage in other European markets.

Paddy Power was one of the star performers of the day, buoyed by rumours of a possible takeover of UK bookmaker William. At one stage, the stock traded up 9 per cent before eventually finishing about 8 per cent or €1.55 stronger at €20.10.

Another strong performer was low fares airline Ryanair which saw a lot of activity with around 17 million shares changing hands in Dublin and London.

The airline, which earlier in the day had announced that it was increasing checked-in baggage and airport check-in fees with immediate effect for all new bookings, was up nearly 6 per cent on the day at €4, a rise of 22 cents. Its rival Aer Lingus also enjoyed a good day picking up 7 cent to €2.39.

Financial stocks had a mixed day. Bank of Ireland fell 25 cent to €9.20, while AIB was 56 cent weaker at €14.31. However, Irish Life & Permanent saw some strong trading and picked up 23 cent to close at €10.93. Anglo Irish Bank gained 10 cent to close at €9.11.

Building materials giant CRH continued its strong performance, tacking on 65 cent to finish the day at €24.35, while C&C also put in a good day to pick up 21 cent to €4.72.

Among the losers was Iona Technologies which slipped back by 10 cent to €14.50, while Readymix dropped 6 cent to close the day at €1.54.