Market report: Eircom falls on Vodafone weakness

The Dublin market was down 55 points at midday on 5523.25, with most of the major stocks suffering setbacks including eircom which fell 5 per cent.

Eircom dropped over 5 per cent this morning to euro 2.37 a fall of 14 cents following a fall yesterday by Vodafone to 220 pence on the FTSE - the price at which eircom can withdraw from the deal to sell its mobile subsidiary eircell. Vodafone continued to fall today and was on 2.15 at midday, down 15 cents.

Back on the ISEQ industrial stock Heitons made gains on the back of stronger than expected pre-tax profits and reached midsession on euro 330 up three cents. But other sector stock fared less well with Grafton Group dropping 10 cents to euro 25.00 while CRH eased down 40 cents to euro.

The financials continued mixed with AIB off 14 cents on euro 12.96, Bank of Ireland dipped to euro 9.80 a fall of 23 cents while Irish Life and Permanent eased down 15 cents to euro 12.40.

Drug stocks were low-key this morning with Elan off 15 cents on euro 47.25 while Galen was ahead 10 cents on euro 13.70. Trinity Biotech remained unchanged.

There was a small respite for tech stocks with Iona up 150 cents to euro 52.50 and Horizon up 20 cents to euro 7.00. However Riverdeep was off 15 cents on euro 3.30.