MARKET REPORT:THE ISEQ index of Irish shares was almost unchanged yesterday at 2,681.35, while European shares hit a one-month closing high following a jump in JPMorgans profits and after data showed the number of US workers claiming new jobless benefits fell last week.

The publication of the report of the Special Group on Public Service Numbers and Expenditure Problems may have served to highlight the mountain the Irish economy still has to climb as positive sentiment about a recovery takes hold elsewhere.

CC may have received a boost from research by Davy that its pear cider product is selling ahead of expectation here. The shares were up 7.89 per cent at €2.05.

However, the announcement of seven new routes to and from Oslo probably had little to do with Ryanair’s 1.35 per cent downturn to €3.285.

CRH was down 0.255 per cent at €15.65, while Bank of Ireland was 0.471 per cent ahead at €1.708. Kerry was up 0.288 per cent to €17.4 per cent.

Shareholders at Elan’s annual general meeting in Dublin yesterday heard from chairman Kyran McLaughlin that the recent Johnson Johnson deal would stabilise the company’s share price.

He admitted he was “surprised” that investors had not reacted more positively to the new partnership. The shares promptly added 6.3 per cent to close at €5.20.

Remarks by Abbey Plc chairman that it was now selling houses for €135,000 and saw little prospect of an improvement in the short term, received a sanguine response, with the shares unchanged at €4.40.

The other corporate news of note was the purchase, announced late in the day, by CPL of two Newcourt businesses out of receivership. It closed down 1.5 per cent at €1.31.

DCC shares were off 1.76 per cent at €14.49.

Settlement date: July 21st