Day lacks sparkle as First Active ends a cent lower

MARKET REPORT: The market lacked that First Active sparkle yesterday, with an absence of newsflow combining with low volumes to create what one dealer described as a "damp squib".

First Active hit a high of 6.22 before finishing one cent lower than Monday's close at 6.12. Two million shares changed hands in the takeover target. In other financials, AIB dropped five cents to 12.34, again on volume of almost two million shares. Bank of Ireland climbed 12 cents to 10.47 as close to three million shares changed hands.

Anglo Irish continued to display its solidity by rising two cents to 9.67, while Irish Life & Permanent was three cents weaker at 11.27.

Among the large industrials, CRH dropped three cents to €15.55 as attention once again turned to the group's exposure to a weakening dollar. Ryanair fell five cents to €5.91, thus extending its losses over the past month to 80 cents as the market awaits a decision on its airport deal at Charleroi.

Grafton built on Monday's acquisition-related gains by climbing five cents to 5.15. Heiton dropped by the same measure and closed at 3.35.

Housebuilder Abbey rose 13 cents to 6.68 after seeing good buying attention in the wake of last week's positive a.g.m. statement.

In pharmaceuticals, Elan finished seven cents higher at €4.95 as sentiment on the stock continues to improve. Galen fared worse, losing 24 cents to close at 9.40. United Drug was seven cents stronger at €1.99. Among the biggest losers on the day was Iona, which closed 20 cents lower at 2.20 on minimal volume.