SHARE prices drifted back from their record high despite the firmer tone in London and in line with the weaker opening session on Wall Street. There is little pressure on the market, however, and the general view is that it will still move upwards in the weeks ahead.
Most of the leaders eased back but the biggest fall of the day was suffered by James Crean which fell another 25p to close on 190p as sections of the market registered their displeasure at Crean's plans to reduce its dividend to a level where it is four times covered compared to the current level of less than two times. Crean has now fallen almost 20 per cent in the space of two days and may have further to go before it reaches a floor.
Among the leaders, Bank of Ireland was one of the few to buck the downward trend and added 3p to 731p while AIB was 2p lower on 513p. CRH lost 6p to 692p while Smurfit was 3p lower on 192p as industrials moved weaker.
Independent fell 10p to 350p - there is some speculation that Independent may be about to increase its stake in Wilson & Horton and buy the 590,000 W&H shares put on the market by TeNZ. This block of shares is equivalent to 0.6 per cent of W&H shares and if bought by Independent would bring its stake to over 86 per cent.
Elsewhere, Ryanair shares seem to have got a second wind and dealt up 9p to 340p although Greencore was 5p lower on 325p. Irish Life with renewed industrial relations problems - was 2p easier on 338p while Irish Permanent gained 2p to 615p.
