THE equity market struggled to recover from Monday's heavy losses and it seems that activity is likely to be pretty muted until there is a flow of corporate news. That flow will begin next week with AIB full year results, the first major company with a December year end to report.
Both banks gained ground yesterday and AIB was up 2p on 347p. Bank of Ireland was also up 2p on 444p after the very heavy Monday tiding, which drove the shares down 11p. There was little change in the other financials with Irish Life 1p weaker on 252p and Irish Permanent unchanged on 400p.
Speculation on a CRII bid for Redland's bricks division was one of the few talking points, but this bit speculation seems well wide of the mark. Sources close to CRH have indicated that the group has, made no approach to Redland and sees further expansion of its Keyline merchanting chain as a far more likely option. CRH was unchanged yesterday on 495p while Smurfit was 1p firmer on 452p.
Waterford Wedgwood drifted 1/2p lower on 58 1/2p. The American mutual fund, Tiger Management, has been a recent seller bringing stake from 5.2 per cent to below 5 per cent. Standard Life has been a buyer, however, increasing its stake from below the 3 per cent disclosure limit 103.2 per cent.
Elsewhere, Greencore remained well bid on 555p, Ennex jumped 2p to 11 3/4p, Irish Continental added 3p to 515p while Jones fell further after the profits warnings and lost 2p to 173p. United Drug gained 7p to 278p.
