Market Report: The market was treated to a healthy dose of newsflow yesterday, with details of Waterford Wedgwood's major refinancing prompting some of the busiest trade. Just shy of 13 million shares traded in the company before the close, with a two-cent rise to 31 cents an apparent vote of confidence in its new capital structure.
Gresham created a stir later in the day, when the company's board confirmed that a takeover approach had been made. Its shares climbed by 12 cents to 1.15 in anticipation of the move, with almost one million shares traded.
The main financials had a poor day as attention continued to focus on Bank of Ireland's solid but uninspiring interim results. A downgrade from Morgan Stanley will also have been a negative influence on the bank, which closed one cent weaker at 10.64.
AIB fell in sympathy, dropping 20 cents to €12.38.
Anglo Irish Bank was much firmer as it rose eight cents to 10.30 on good volume.
DCC recovered ground lost earlier in the week by moving up 10 cents to 10.85. A new report from NCB has reiterated a 12.50 price target on the stock, with the broker arguing that any movement beyond this level would need to be spurred by acquisitions or rolling share buybacks. DCC spent 6.7 million on 644,077 of its own shares earlier this week.
United Drug, which is due to report full-year numbers next week, strengthened on news of its inclusion in the MSCI Ireland Small Cap Index, which is used as a benchmark by many European fund managers. The company rose five cents to 2.37, with news of higher Government medical spending also seen as a driver.
Elan added 11 cents to finish at 4.71 as the company said it had awarded options over one million shares to its chief executive, Mr Kelly Martin. The options can be exercised over Elan's ADRs at $5.28.
