DUBLIN REPORT: Iseq: 2,691.89 (+40.05) Settlement date: November 22nd:AS IRELAND'S financial troubles dominated market commentary at home and abroad, the equity market in Dublin sought direction as uncertainty about the extent of Ireland's imminent bailout weighed on the market.
While Irish financials continued to come under pressure, a strong performance from non-financial companies helped to push the Iseq 1.5 per cent higher in line with European stock markets which rebounded yesterday.
Greencore was the big mover, climbing a staggering 29 per cent or 30 cent to €1.34, as the market gave a unanimous welcome to the announcement that the company is to merge with Northern Foods.
While analysts expressed regret at the departure of Greencore from the Iseq – the new entity will retain a secondary listing in Dublin – the merger was described as a “win-win” by one trader.
Paddy Power gave up early gains to finish down 10 cent at €28.90 after announcing details of a major expansion in its online operations.
United Drug shed almost 1 per cent to close at €2.11 despite posting a solid set of results for the full year.
DCC went ex-dividend yesterday with the result that its share price fell almost 2 per cent or 39 cent, closing at €20.31.
Index heavyweights CRH and Ryanair both made gains, with CRH adding 2.7 per cent to €13.88 and Ryanair rising 1.7 per cent to finish at €3.74.
Financial stocks gained despite coming under sustained pressure. Having spent most of the day lower, AIB finished up 1.27 per cent at €0.398 on very thin volumes. Bank of Ireland rose 2.3 per cent to €0.40.
Meanwhile, Irish Life and Permanent climbed 5 per cent to €0.86 after its interim management statement stated that operating profits were relatively in line with expectations.
