Waterford posts big gain during steady session

Market Report: Dublin had a steady day yesterday with the leading financials in particular showing little movement.

Waterford Wedgwood was the big winner on the day, adding 10 per cent at one stage in volume of 14.5 million shares, as the market responded favourably to news that the substantial rights issue was largely taken up by existing investors.

The shares closed more than 7 per cent ahead on 7.6 cents.

Kingspan was another second-liner to be marked up yesterday following its trading statement on Wednesday that prompted broker upgrades.

The stock added 15 cents or almost 2 per cent on the day in strong demand to close on a 12-month high of €7.78.

Greencore stemmed two days of losses with a gain of four cents yesterday to €3.10 following news on Wednesday of the closure of its Carlow beet processing factory.

Eircom solidified its position at the €1.90 level despite some selling interest towards the end of the day.

Among the financials, AIB traded in decent volume but closed unchanged on €15.45 , having recovered from a mid-session blip that saw it trade as low as €15.28.

Bank of Ireland lost a little ground, ending the day towards the lower end of the intraday range on €12.01, down five cents. Anglo Irish Bank resumed its upward trend after two losing sessions, adding 10 cents to close on €18.80.

Irish Life & Permanent notched up the most significant gains of the day, although traders said there was no particular catalyst. There was some buying interest towards the end of the day, though little stock on offer. The shares were 1 per cent or 15 cents firmer on €14.25.

Elan again played catch-up on overnight US markets before moving ahead a little. It closed on €22.25, up 55 cents, though volumes in Dublin were light.

Neither DCC nor Fyffes moved despite another day of courtroom drama in their insider trading dispute.