DCC boosted by Manor Park sale

Dublin report:News that industrial holdings group DCC is to get €181 million for its share of home builder Manor Park was the biggest corporate announcement yesterday.

The revelation that the long-awaited deal is to go through saw DCC add €1.089, or almost 6 per cent, to close at €19.50, with more than 650,000 shares in the company traded on the Dublin market.

Elsewhere, Independent News & Media said that its chief operating officer, Gavin O'Reilly, recently bought 11,970 shares in the company at €2.1453 each.

The transaction brought his total stake to 982,822 units, or 0.12 per cent of the company.

Independent was one of the stronger performers on the market yesterday, gaining seven cent, or 3.14 per cent, to close at €2.30, on volume of about 2.5 million shares.

Property vehicle Real Estate Opportunities said that Richard Barrett, one of the principals of its majority shareholder, Treasury Holdings, has bought one million convertible unsecured loan stock in the company.

Mr Barrett paid 122.5 pence sterling for 500,000 units and 122 pence for the balance. The transaction left him with just over 10 per cent of the company's issued unsecured loan stock.

Overall yesterday, the Iseq remained flat.

Construction stocks CRH and Grafton both recovered some of the ground they lost on Tuesday.

CRH closed 25 cent or 1.04 per cent up at €24.20, while Grafton ended the day 13 cent or 2.5 per cent ahead on €5.33.

The financials were weak once again. Bank of Ireland lost 22.1 cent or 2.23 per cent to close at €9.678. AIB was down 21.3 cent or 1.41 per cent on €14.937, while Irish Life and Permanent dropped 32.2 cent or 2.68 per cent to end the day at €11.726.