Iseq:2,646.00 (-9.30) Settlement date:December 3rd
GENERAL VOLATILITY caused by a reweighting of the Morgan Stanley Capital International (MSCI) index left the Irish market trailing once again yesterday.
There were mixed fortunes for the banks, as investors clearly plumped for Irish Life & Permanent, the institution that looks less likely than its peers to end up under the State's wing.
The retail bank and life assurer added 22.1 per cent to close at an even €1 and dealers said that it generated better than average volumes.
Bank of Irelandgained 2.28 per cent to close at 31.4 cent, although there was no particular reason given for investor interest.
AIBwas left out of the party, shedding 2.82 per cent to close at 34.5 cent.
In the real economy, the cold weather allowed energy and distribution business DCC to generate a bit of heat. The company, which has oil and gas distribution businesses in Ireland and Britain, ended the day 0.4 per cent down at €20.12. It had hit €20.50 – from an opening quote of €20.20 – at one stage earlier in the day.
Building materials giant CRH, which was due to announce a $650 million bond issue once New York closed last night, shed 1.47 per cent to close at €13.40. Dealers said the stock is underperforming its sector.
Despite hints that the Government is considering ditching the departure tax on airline tickets, low-cost airline Ryanairwas weak, dipping 0.77 per cent to close at €3.851.
However, its smaller rival Aer Lingusgained 2.97 per cent to reach €1.04. Dealers said there is some speculation that the State will sell its remaining shares in the one-time flag carrier.
Greencore, which is due to go ex-dividend tomorrow and is on the road to a €2 billion merger with rival Northern Foods, added 4.8 per cent to close at €1.42.
