Market Report: The Budget had little influence on the market yesterday, with shares closing more or less unchanged in relatively directionless trading. AIB's trading statement was of little help in this regard, with the guidance contained in the pre-close update coming of no surprise to market-watchers.
Settlement Day: December 8th
The bank weakened as soon as the statement was released, eventually closing 15 cents lower at 12.22.
Anglo Irish had a better day, despite going ex-dividend by almost 14 cents. Shares finished at 11.68, up 25 cent after touching 11.80 in earlier trade.
Bank of Ireland, which went ex-dividend by 14.8 cents, shed seven cents to close at 10.54. The bank continued its share buyback programme on Tuesday by picking up 300,000 shares at an average price of 10.58.
Also moving ex-dividend was Greencore, which ended the day four cents weaker at 3.02 as investors eyed 7.58 cent dividend. The company's broker, Goodbody, has increased its share price target on the stock to 3.45 but has cut its recommendation from buy to add to reflect the limited upside on the company's existing valuation.
United Drug dropped eight cents to 2.37 after going ex-dividend by 2.97 cents. Dealers said the company had also been hit by a sense that it is trading at too high a premium to its peers.
CRH held up well despite its exposure to continuing dollar weakness, falling just two cents to 16.25. Fyffes, which benefits from lower input costs when the dollar falls, added one cent to finish at 1.56. Elsewhere in the food sector, Glanbia fell two cents to 1.96 on low volume. It emerged yesterday that Bank of Ireland Securities Services now holds 10 per cent of the company on behalf of its clients, thus becoming Glanbia's largest institutional shareholder.
