Market Report: Paul D'Alton's departure from Waterford Wedgwood was a key driver of early trade in Dublin yesterday, as investors wondered what the news meant for the stock.
These questions prompted a drop of more than 30 per cent in Waterford's valuation, but the stock subsequently recovered some of its lost ground. It ended the day at 4.4 cent, down 6.4 per cent on the day after an astounding 46 million shares were traded. Volumes were more muted elsewhere, but a number of stocks still managed gains.
Among these was Kingspan, which gained 22 cent to close at €8.85. The stock reported good results at the start of this week and was subsequently upgraded by analysts. Grafton, which also posted solid numbers this week, gained 10 cent to finish at €9.54 yesterday.
Davy has an end-2005 price target of €11.30 on the stock.
Newsflow was thin on the ground outside Waterford, but a trading update from Viridian did manage to attract some attention. The stock rose by 22p to close at 730p in London.
Ryanair was again a touch weaker as prices for jet kerosene remained high. Shares in the airline finished at €5.85, down three cent. CRH fell by two cent to €20.38, despite positive news on crucial highway investments in the US.
One of the best performers on the day was Jurys Doyle, where speculation continues to focus on the firm's plans for its sites at Ballsbridge in Dublin.
One market watcher suggested yesterday that the seven-acre site that currently houses three hotels could attract up to €180 million if sold. The hotel stock added 20 cent to end the session at €11.80.
Merrion Stockbrokers has placed a "fair value" of between €12.12 and €12.93 on the shares, based on prospective ratings.
In the food sector, Kerry shed four cents to close at €17.68. IAWS, which reports half-year (not full-year as stated in yesterday's Dublin market column) results on Monday, was unchanged at €11.78.
Settlement Day: March 23rd
