Stocks find little impetus to move in either direction

MARKET REPORT: Stocks were mostly range-bound on the ISEQ yesterday, finding little in the way of inspiration to move them in either direction.

The financials as a group ended in slightly positive territory, with most volume concentrated in the two largest players.

AIB gained two cents to close at 12.22 as 2.6 million shares were traded, while Bank of Ireland added three cents to close at 10.53 on volume of 2.9 million units. Bank's share buyback programme continued apace on Wednesday with the purchase of 500,000 shares at an average price of €10.5510.

Anglo Irish won back some of Wednesday's losses, closing 25 cents stronger at 12.10, having risen progressively throughout the day.

Irish Life & Permanent went against the overall financial trend by dropping 11 cents to 11.88.

On the industrial side, CRH showed some weakness in early trade but recovered to post a drop of just three cents to 16.07 at the close.

Waterford Wedgwood was again the busiest stock of the day, with some 10.6 million shares traded as the company moved closer to its rights issue date. Chief executive, Mr Redmond O'Donoghue, picked up 1.2 million shares yesterday, thus raising his rights entitlement.

The firm strengthened by 0.015 cents to close at 21 cents.

Independent News & Media attracted good interest as it announced the sale of more English newspaper assets, with some 1.5 million shares traded. The stock closed at 2.02, down three cents.

Ryanair was quieter as it rose five cents to €6.18. Also on the positive side at the close was Paddy Power, which climbed 10 cents to 7.25.

Greencore added six cents to close at 3.18 as it emerged that Bank of Ireland Securities Services now holds 27 per cent of the firm on behalf of its clients.