The first real day's trading since the EMU agreement was consummated failed to produce any fireworks on stock markets, although the Irish market closed fractionally lower as international markets turned weaker. In Dublin, shares had opened brightly but gave up all their early gains as Wall Street started proceedings with a fall of 70 points.
AIB initially dealt up strongly to hit £10.17 but fell back in the afternoon session to close up marginally on the day on £10. Bank of Ireland lost 5p to £14.45, Irish Life was unchanged on 670p despite a Goldman Sachs downgrade from "market performer" to "market under-performer", - broker code to sell. Anglo Irish was 5p higher on 197p ahead of interim figures today while Irish Permanent was 10p higher on 960p.
Among the industrials, Smurfit's recent burst after the confirmation of the JS Corp/Stone merger talks came to an end, but the share still dealt in size before closing down 4p on the day on 268p. CRH was 2p easier on £10.28.
The announcement of a possible move by Dr Tony O'Reilly and Mr Peter Goulandris to take Fitzwilton private at 50p a share did not generate any trading, but Fitzwilton shares were drawing bids at 48-49p at the close. Fyffes remained in strong demand and moved 10p higher to a new 210p high although Ryanair - launching a new price war on the London air routes - was 19p lower on 541p. ILP dealt up to 451/2p from its previous 28p, but this reflects a catching-up exercise on the London market.
