Iseq makes smaller gains than other markets

DUBLIN REPORT: Iseq: 2,306.91 (+28.8) Settlement date: January 29thTHE DUBLIN stock market started the week with a positive trading session yesterday, although its gains were lower than the 3-4 per cent climbs posted by major European indices, including the FTSE 100, Dax and CAC.

The stocks that have been plunging the most of late enjoyed the biggest bounces in percentage terms yesterday, with Independent News Mediaadding 6 cent to close at 25 cent, up 36 per cent, as the company issued a trading update in which it admitted that it was finding it difficult to get an acceptable bid for its Australian media asset APN and that it would concentrate on selling non-strategic assets instead.

The group also noted that one-third of its revenues were not derived from advertising.

AIBand Bank of Irelandalso rose by large percentages after last week's volatility. Bank of Ireland surged 35 per cent to 56 cent, while AIB posted a gain of 32 per cent to 99 cent.

On a busy day for the pharmaceutical sector which saw Pfizer bid for Wyeth, Elanwas one of the main losers on the Iseq index yesterday, dropping 7.8 per cent to €5.25.

Elan has a partnership with Wyeth for the development and commercialisation of a drug for Alzheimer’s, which Pfizer will now inherit.

After a poor trading update from builders' merchants Wolseley, its Irish-listed peer Graftonfell 6 per cent in trading, closing at a price of €1.40, as analysts noted that their current forecasts for the stock looked vulnerable given the worsening trend in the sector highlighted by Wolseley.

Elsewhere, drinks group C&Cdeclined by more than 7 per cent in trading to close at 85 cent, while Ryanairfell 2 per cent to €3.02 and CRHrose 2.7 per cent to €18.45.