Dublin Report: Kingspan provided most excitement on the ISEQ yesterday after the firm issued a confident pre-close update for 2005. Shares in the firm failed to react positively, however, finishing 24 cent weaker at €10.91. The stock had firmed in advance of the update.
Independent News & Media was also the focus of some attention, with the market recording volume of 28 million shares. Institutions are thought to have been responsible for most of the trade, which came at €2.50. Shares closed unchanged at the same level. The media group has reportedly locked into three-quarters of its 26 per cent stake in Indian publisher, Jagran Prakashan, for three years. The Indian group is preparing for an initial public offering.
The banks had a quiet day, and price movements were fairly limited. AIB closed at €18.41, up nine cent, while Anglo Irish fell by two cent to €12.95. Irish Life & Permanent recovered some poise to finish five cent stronger at €16.85, amid positive reaction to Wednesday's 2006 outlook conference. NCB has a price target of €19.20 on the company. Bank of Ireland was the weakest of the financials on the day, losing 14 cent to close at €13.68.
Housebuilder Abbey was stronger yesterday, rising by 30 cent to €10.80, albeit on fairly weak volume. The firm reports first-half results next Thursday.
Fellow housebuilder McInerney, which is expected to issue a trading update next week, added two cent to close at €11.45.
Ryanair was busy after reporting it had carried 29 per cent more passengers in December than in the same month in 2004. Shares closed at €8.03, down four cent.
CRH rose by three cent to €25.53, allowing the firm to hold its gains from Wednesday's trading update. Eircom was also busy before closing three cent lower at €2.02. Fyffes fell by eight cent to €2.30 on sustained good volume. In London, Tullow dropped by 4p to 283.25p despite suggestions that its North Sea assets could allow it to benefit from any Russian fuel disputes.
