Trading sporadic as Christmas approaches

Dublin Report: The Irish stock market ended the day broadly unchanged as Fyffes and Irish Continental Group provided the main…

Dublin Report: The Irish stock market ended the day broadly unchanged as Fyffes and Irish Continental Group provided the main news stories of the day.

Shares in the fruit importer and distributor fell by 6.6 per cent after it warned that it faced higher costs and greater uncertainty in its banana business next year. Despite announcing a special dividend and promising a strong set of results for 2005, the shares closed 15 cent lower at €2.11.

Shares in Irish Continental Group also tumbled with the group issuing a profit warning for 2005 as its dispute with workers escalated. The stock closed 40 cent, or 3.8 per cent, lower at €10.10.

Shares in Waterford Wedgwood lost around 5 per cent to €0.05 as the company reported a pretax loss of €95 million for the six months to the end of September and said that trading remained challenging. Elsewhere, the picture was brighter although dealers said trading was becoming more sporadic as Christmas approached.

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In the banking sector, AIB closed 21 cent higher at €18.14 as it recovered from the selling pressure seen toward the end of last week.

Irish Life & Permanent added 11 cent to €17.08 ahead of the release of a trading statement on Thursday while Anglo Irish edged up by five cent to €11.92.

Only Bank of Ireland finished lower, shedding five cent to €13.75 despite announcing plans to outsource its training and purchasing to consulting group Accenture in a deal that should save €20 million a year.

Among the building-related stocks, CRH added five cent to €23.80 as brokers continued to upgrade the stock. Grafton had a good day, gaining 20 cent to €8.77 while other movers included Independent News & Media, up two cent to €2.47 and Paddy Power, which finished 14 cent higher at €11.58.

Shares in Unidare finished 14 cent, or 4.8 per cent, lower at €2.80 as the group announced the sale of its last business.

Settlement Day: December 15th