Iseq makes modest gains as traders play waiting game

Iseq: 2,666.04 (+11.26) Settlement date: October 31stONCE AGAIN traders in the Dublin market yesterday experienced a workday where the dominant theme was that of waiting.

As the world watched to see what the leaders of the European Union would come up with to address the financial crisis that threatens the union, buyers and sellers of shares held back, and traders waited.

If market indices can be seen as a measure of the confidence the world has in Europe’s leaders, then yesterday’s vote hovered around neutral.

The Iseq closed at 2,666.04, a rise of 0.42 per cent. The UK’s FTSE 100 rose 0.5 per cent, Germany’s DAX declined by 0.5 per cent, and France’s CAC 40 slipped 0.2 per cent.

There was little news affecting Irish stocks. The takeover possibility announcement by Greencore on Tuesday continued to create interest. The share rose 5.88 per cent yesterday, to close at €0.72. However, volumes were small.

Independent News Media saw its share price rise, by 4.17 per cent, to close at €0.25. At some stage businessman Denis O’Brien is expected to try to increase his control of the company, and investors may be hoping they will profit then.

Another share that ended the day up was Smurfit, which closed at €4.60, a rise of 3.37 per cent.

Ryanair advanced 2.4 per cent, at €3.31. Traders said the price of oil, and the fact that some sellers were taking a breather, helped the stock on the day.

Bank of Ireland closed at €0.10, a fall of 0.99 per cent.

Buildings group CRH closed at 13.65, a fall of 0.55 per cent. Grafton also closed down on the day, at €2.66, a drop of 3.09 per cent.

Elan closed the day at €7.79, a drop of 2.25 per cent, while CPL fell by 3.57 per cent, to €2.7.