A slight easing off in losses on the ISEQ yesterday reflected the market generally "holding its own", according to one dealer yesterday, after a slippage of 0.75 per cent was reported. Low volumes were indicative of summer trading, the dealer added, and although the major concerns continued to be the overnight weakness of Wall Street and the Asian markets, the main financial stocks put in a positive showing. AIB held onto its opening price of 943p after nine deals, Bank of Ireland closed 4p up at 1334p in 11 deals, and Irish Life was up 7p, at 617p. Irish Permanent, however, shed 15p, going to 820p. Anglo Irish Bank was 1p up at 185p, while ICC Bank failed to coax any deals from its small number of private shareholders after profits of £9 million were announced on Monday. Its price stands at 85p.
The main industrials absorbed yesterday's losses, with CRH, the leading building materials producer, losing 5p, closing at 1040p, while Smurfit, the paper and packaging firm, fell 7p to 227p. Ryanair saw no movement on the ISEQ, after the company announced that it planned to raise £50 million through a share offering to pay for recently ordered new Boeing aircraft, which would coincide with the company's intention to get a listing on the London Stock Exchange. On the Nasdaq, by the time of the ISEQ's closing, Ryanair was at $363/8, 62.5 cents up on the day. Among the food companies, Golden Vale lost 1p to 113p on the day that the company signalled to shareholders that 1998 results would be an improvement on the strong growth of 1997 which achieved pre-tax profits of £16.2 million, up £9.9 million on 1996. Kerry Group shed 15p yesterday, going to 1010p, and IAWS lost 5p, closing at 305p.
Among the resource companies, Tullow Oil was attracting interest when three deals saw its price close 8p down to 134p sterling (158p). Jones Group saw movement after Monday's announcement of a 235p share buy-back scheme. Yesterday's price moved 20p up to 210p, with one dealer saying it could be assumed the price would rise close to 235p as some shareholders take advantage of the cash offer.
Athlone Extrusions dealt 2p up to 100p after buoyant interim results of £2.2 million were announced last Thursday.
