Dublin Report: C&C was a loser on the Iseq yesterday, as news emerged of Pernod Ricard and Fortune's planned takeover of Allied Domecq.
Investors focused on the probable loss of contracts to distribute Allied's products in the Republic as well as the likelihood that C&C will have to find a new distributor for its own products abroad.
Shares in the drinks and snacks group were pushed down to €3.08 before finishing at €3.11, down five cents on the day.
Only the lucky few stocks managed to post gains over the session, with the index as a whole shedding 0.3 per cent.
AIB was the worst hit of the banks, with shares dropping 10 cent to €16.22 on decent volume.
Bank of Ireland moved in the other direction, gaining seven cents to finish at €12.20.
Anglo Irish gave up some of the ground it won back earlier in the week days, falling 10 cents to €19.40. The bank's stock split is due to come into effect on Monday.
Still in financials, FBD beat the trend by adding 10 cents to close at €22.80. It earlier reached a new high of €23. Davy has a price target of €29 on the stock.
Elsewhere, Irish Continental was another outperformer, as it rose by three cents to €9.85 on the back of a solid Easter trading performance.
Paddy Power continued to strengthen in the wake of Patrick Kennedy's appointment as chief executive designate. Shares in the bookmaker climbed by seven cents to €14.02.
Greencore, the company Mr Kennedy is leaving, moved down five cents to €3.11.
Still on the negative side, CRH had a particularly poor day, slipping to €20, down 22 cents on the day.
Grafton shed three cents to finish at €9.25. Kingspan was better, rising eight cents to €9.51.
Ryanair closed in slightly positive territory, up one cent at €5.77. Better again was United Drug, which rose by eight cents to €3.58 on reasonable volume.
Elan was not so lucky, as it dropped six cents to €3.
Settlement Day: April 26th
