Market Report: Weaker international markets kept a lid on progress in the Dublin market yesterday with United Drug and C&C amongst the few stocks to buck the general trend.
Strong interims from United Drug lifted its share price as analysts began to consider upgrades for the stock. On the day it gained 5 cent to €3.95. Investors will be watching the outcome of the Government review on drug pricing, which if concluded favourably could provide further upside for the stock, dealers said.
C&C was continuing to attract interest after good figures earlier this week.
Its management team is doing the rounds of investors with prospects for growth in the UK cider market supporting the share price and prompting analysts upgrades. It ended 18 cent better at €6.90.
There was also good two-way interest in Anglo Irish Bank, which also is selling its story to investors following results. It was one of the most heavily traded stocks in Dublin yesterday.
There was some continuing negativity in relation to higher costs, but the bank's executives have been highlighting their intention to double the size of the bank over the next four years. Anglo shares ended lower, shedding 29 cent to €13.18 in the weaker market.
The other banks were also in negative territory. AIB was off 28 cent at €18.45 while Bank of Ireland, was down 16 cent at €14.40. Irish Life and Permanent lost 25 cent to €20.50.
Paddy Power was traded actively ahead of its inclusion in the MSCI small cap index at the end of the month. It also ended weaker, dropping 25 cent to €14.90.
Ryanair was easier at €6.81, down 4 cent.
Dealers said that despite record prices for jet fuel, the low-cost airline is expected to offset some of this increase from revenues from its online check-in and other ancillary activities.
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