Negativity hits financials

THE Irish market traded lower for most of the day, before closing marginally higher at 4246.65 points, up 3.13.

Financial stocks were hit by negative sentiment with Irish Life & Permanent dropping 29c to 12.15 and Allied Irish Bank lost 13c to 13.87.

Anglo Irish Bank slipped 7c to 6.55. Bank of Ireland managed to add 5c to 10.85 and First Active edged 2c higher to 4.77. Overall the financial index finished 48.27 points weaker at 8671.40.

Shares in Riverdeep Group jumped 57c to 1.32 after the company announced yesterday morning that it had received a bid approach from its chairman and chief executive, Barry O’Callaghan.

Alphyra Group, also the subject of a possible management buy out, gained 6c to 2.01. DCC advanced 8c to 10.38 after releasing solid first-half results early yesterday morning.

Food stocks were poor, with Kerry Group losing 20c to 12.60, IAWS Group down 5c to 7.40 and Donegal Creameries closed 15c lower at 2.20. On a positive note Elan Corporation climbed 19c to 2.34 and Ryanair was up 10c at 7.42.