Banking stocks took a hit in the wake of the European Central Bank interest rate cut yesterday as the overall index closed a marginal 0.4 per cent higher in a quiet session. AIB was 40 cents down in profit-taking, closing at #15.80 (£12.44), and Bank of Ireland eased back 15 cents to #19.20 (£15.12).
CRH put in another strong performance, closing at #16.90 (£13.31), up 45 cents on the day and 85 cents, or 5 per cent on the week, on strong European demand chasing a small stock supply.
Ahead of next Tuesday's results, Smurfit was up 3 cents at #1.81 (#1.43), regaining some of Wednesday's losses.
Sherry FitzGerald had a good debut on the Developing Companies Market (DCM), beginning its trading at #1.99 (£1.57), reaching an inter-day high of #2.35 (£1.85), and closing at #2.30 (£1.81), a rise of 16 per cent. "It was well received, but on quite small volumes," one dealer said.
IWP, which has taken on five Yardley brands through its acquisition of the British company, Fine Fragrances and Cosmetics for up to £8.75 million sterling (#13 million), was unchanged at #1.80 (£1.42) on one deal, although market reaction may follow today.
On the Nasdaq, by the close of the Dublin bourse, Elan rose to $75 7/8 (#69.9), a rise of 6.25 US cents.
Nasdaq-quoted technology stocks, which had a rough ride this week, also had a quiet run, apart from Saville Systems which rebounded by 21 per cent, and was $1.31 up at $7.56 (#6.97), but far short of Wednesday's $10.06 (#9.28) opening price. Iona rose by 1.83 per cent to $13 3/4 (#12.68), while Icon, the clinical research company, was up $1/4 to $13 7/8 (#12.80). CBT was back $0.375 to $22.0625 (#20.35).
