The Irish market nudged ahead in thin trading yesterday, mainly due to modest recovery by CRH after the post-results sell-off on Tuesday and some slight gains by the banks. The market is, however, suffering from a lack of news to drive prices one way or the other and with little stimulus coming from international markets, dealers believe that the market will do little more than range-trade for the next while.
The biggest mover on the day was Viridian, the former Northern Ireland Electricity, which jumped 66 cents to €10.881/4 (£8.57) after the announcement that it entering the telecom market in the North in a joint venture with Energis. In London, Viridian shares dealt up 22p to £7.34 sterling (€10.87).
Among the leaders, CRH rebounded 13 cents to €16.58 (£13.06) after the Tuesday profit-taking and is likely to trade in a relatively narrow range in the short term, given its current premium against its European peer groups. AIB was 10 cents higher on €15.58 (£12.27) while Bank of Ireland was more active and closed 10 cents higher on €18.05 (£14.22).
Clondalkin was 5 cents easier on €6.55 (£5.16) as it was disclosed that chief executive Mr Norbert McDermott has shown his confidence in the packaging group, spending over £700,000 on 150,112 Clondalkin shares.
Bula was €0.005 higher on €0.02 after the announcement of the share placing and the appointment of Mr Albert Reynolds as chairman.
