A slowdown in company news to a trickle set the Dublin market drifting yesterday. The ISEQ Index dropped 6.3 points to close at 5,361.09 at the end of a day that dealers described as dull and lacklustre.
A reasonably upbeat statement from builders' merchant Heiton Group, saying that sales in its Irish businesses over the first three months of its financial year were up on 2003, was the only Irish news of note on the day.
Heiton shares rose 8 cents, or just more than 1.2 per cent, on the day to €6.50.
Heiton is the subject of a €6.54-a-share offer from its bigger competitor, Grafton. That stock gained 22 cents to end the day at €7 as investors bought steadily in anticipation of the deal ultimately getting the backing of both companies' shareholders and the Competition Authority.
Dealers said that Waterford Wedgwood was one of the more actively traded stocks of the day, with between 16 million and 17 million shares changing hands. Waterford closed 1 cent up at 15 cent.
On a day when Scandinavian banks accounted for the bulk of news emanating from Europe, Irish financials drifted, with AIB losing 4 cents to close at €12.83 and Anglo Irish Bank dropping 6 cents to €13.40.
Bank of Ireland shed 1 cent to €10.74. But Irish Life and Permanent bucked the trend to add 5 cents to close at €12.10.
Elsewhere, CRH, one of the Irish markets biggest stocks, dropped 22 cents to €18.37. Elan, which was one of this week's more volatile companies, gained 27 cents to €17.67.
Ryanair continued to drop on the back of concerns about its exposure to oil prices . The company shed 10 cents to close at €4.20.
In the food sector, C&C added 3 cents to €2.60, Fyffes lost 2 cents to end the day at €1.79 and Kerry added 6 cents to €17.30.
Bookmaker Paddy Power dropped 5 cents to come in several lengths short of the previous day's close at €9.86.
Settlement Day: August 25th
