MARKET REPORT: There was no shortage of excitement on the Irish market yesterday, with early acquisition news at Kerry Group immediately capturing shareholders' imagination.
Settlement Day: March 5th
Shares in the company finished almost 3 per cent ahead at €15.85 after the $440 million purchase of Quest, a food ingredient division of ICI, was flagged.
Elsewhere, CRH was in the spotlight with its 2003 results, which were in line with expectations after a €86 million currency hit. Shares in the group closed unchanged at €17.42.
Fyffes, which also satisfied the market with its 2003 numbers, fell seven cents to €1.65 as investors considered an unproductive €3.7 million outlay on acquisition advice.
Elan continued on its spectacular rise, gaining 9 per cent yesterday to finish at €12.95.
The banks were more or less flat, with AIB unchanged at €12.30 and Bank of Ireland down six cents at €10.63.
NCB said that Bank of Ireland's recent declines mark it out in terms of rating in a European context. The bank is due to issue a trading update on March 25th, with guidance on margins to be closely watched.
Anglo Irish Bank was a sectoral outperformer as it climbed 11 cents to €13.85. Irish Life & Permanent, which is expected to report a recovery in life sales in its 2003 results today, rose eight cents to €13.33.
FBD rose by 10 cents to €14.50 in advance of its 2003 numbers being posted today.
Independent News & Media was busy as it added seven cents to close at €2.13. The stock was boosted by strong results from 41-per-cent-owned Australian subsidiary APN.
Glanbia, which also reports 2003 figures today, rose five cents to €2.55. Analysts expect EPS growth of about 10 per cent.
Kingspan was more active as investors prepared for next week's results. Shares finished unchanged at €4.29.
Grafton, which will also post its full-year numbers next week, fell four cents to €6.21.
