Market Report

Results from two of the exchange's heavy-hitters boosted Dublin volumes across the board yesterday, with dealers calling an end…

Results from two of the exchange's heavy-hitters boosted Dublin volumes across the board yesterday, with dealers calling an end to the slow days of summer.

CRH was the primary focus of the day, although solid first-half numbers failed to translate into a higher share price. Dealers said the stock's 24-cent drop to €18.66 was due to profit-taking, with CRH shares having enjoyed a run since the firm issued its July trading statement.

Steady numbers from Kerry Group went equally unrewarded, with shares in the food group dropping 20 cents to €17.10. The move came on light volume, with less than 200,000 shares traded.

Other stocks were in greater demand, with Eircom proving particularly popular. Some 3.9 million shares in the telco changed hands as management embarked on a post-results roadshow. Shares closed at €1.50, up one cent. Citigroup Smith Barney has upgraded the stock, setting a price target of €1.63.

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Fyffes was also busy as investors looked to results due for release tomorrow. Shares added three cents to close at €1.82.

The highest volume of the day came in Independent News & Media, which dropped six cents to €1.98. Dealers said about half of the seven million shares traded had crossed in one deal.

IN&M's 37 per cent-owned subsidiary iTouch said yesterday that it had completed the acquisition of Finnish mobile services firm Jippii for an initial €12 million in cash.

The main financials had a mixed day, with AIB falling one cent to €12.98 and Bank of Ireland climbing five cents to €11.03. Anglo Irish was also a winner, closing up 20 cents at €13.70.

Irish Life & Permanent, which reports first-half numbers this morning, added 12 cents to close at €12.52.

Elsewhere, Ryanair drifted, losing six cents to close at €4.26.

Also reporting today is Paddy Power, which gained five cents to close at €10.00 last night.

Glanbia shed three cents to close at €2.42.

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.