By rights it should have been a good day for stock markets, with the latest US jobless figures showing an encouraging fall and the University of Michigan survey showing an improvement in consumer spending.
But with some investors deciding that Thanksgiving was a good time to take some profits after the Dow's 21 per cent rise from its post-September 11th low, share prices drifted lower. New York markets are closed today so dealers can enjoy their Thanksgiving turkey, but there is a feeling in some quarters that the tentative move back into a bull market can be consolidated in the run-up to Christmas.
The leaders on the home market were mixed, with AIB gaining 24 cents to €11.50, while Bank of Ireland drifted 18 cents to €10.06. CRH hit a high of €18.05 before closing 37 cents higher on €17.89, while Greencore gained five cents to €2.60 on hopes of a settlement of the price dispute with beet farmers.
The €21 million share sale by Dr Tony Ryan did not faze Ryanair, which added six cents to €12.76, while Elan was trading firmly in the opening session in New York - up 36 cents to $44.06.
Independent News & Media was four cents higher on €1.88, but IWP's recovery proved short-lived, with the shares losing 15 cents to €1.85.
On the Neuer Markt, Conduit - which has replaced Merrion with Davy as its primary broker - hit a new low, with an eight-cent fall to €2.90. Icon was the best of the Irish stocks on Nasdaq - by midday the stock was up more than 9 per cent, with a $2.23 gain to $26.90. Riverdeep, however, was almost 5 per cent lower on $23.02 after a Wall Street Journal article was negative about the company's sector.
