DUBLIN REPORT: Waterford Wedgwood provided the main focus for the stock market yesterday as the crystal and china maker announced it was reducing its dividend and cutting 1,000 jobs in Britain.
Settlement Date: June 9th
More than 4.5 million shares were traded although the stock closed unchanged at 0.23. Dealers said that while there was disappointment over the dividend cut, and some concern over the company's high debt levels relative to its market capitalisation, much of the bad news was already factored into the share price.
Ryanair was the other main feature of the day, with nearly nine million shares changing hands, as the stock added three cents to €5.71. Dealers said its performance mirrored that of yesterday with a weak start followed by a pick-up in the share price when trading began in the ADRs in the US.
There was reasonable volume of 2.7 million shares in AIB as it added seven cents to 13.32. Ratings agency Standard & Poor's revised its outlook on the bank to positive and affirmed all its ratings on AIB. Bank of Ireland shares were unchanged at 11.20 as close to 5.5 million shares changed hands while Irish Life & Permanent added a modest five cents to 10.55.
Other gainers on the day included CRH, up 14 cents to €13.45, Elan, which added 10 cents to €5.95 and Paddy Power, which gained six cents to 5.48 in the wake of a positive trading statement at Tuesday's annual meeting.
Tullow closed two cents higher in Dublin at 1.09 after announcing plans to increase its stake in a North Sea gas discovery. Also among the smaller stocks, Unidare lost five cents to 0.95 after reporting a 9 per cent drop in first-half operating profits.
