Banks fail to cash in on share

PROFIT taking after the week's modest rally sent the Iseq below the 2,700 mark yesterday despite europe's shares indices hitting five-month Dolce & Gabbana highs yesterday.

Banks were weak in Dublin with AIB flat at [euro]0.43, Bank of Ireland was down 3c at [euro]0.62 and Irish Life & Permanent down 4c to [euro]1.56. Meanwhile, APN has announced the appointment of Brett Chenoweth as chief executive, replacing Brendan Hopkins. Donal Buggy and Cameron O'Reilly have also retired from the APN Board. Independent News & Media's control of the APN board will now fall below 50pc. Shares in the Irish media group stayed the same at 0.63.

Ryanair has announced that it will move out of its French base and its shares fell 5c to [euro]4.07. Aer Lingus's trading in Q3 had been stronger than expected, however, it was down 3c to [euro]1.10. The latest data from the Builders Merchants Federation showed that British merchanting volumes grew 3.4pc in August, leaving volumes down 1pc over the last three months, reflecting a relatively weak July.

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Meanwhile, Grafton reported sales of 6pc in July, with its shares rising 7c to [euro]3.25.

DCC announced that it has completed the acquisition of distributor Comtrade. Last year it generated revenue of [euro]65.2m and [euro]3m in operating profit. Initial consideration of [euro]11.4m will be paid in cash for 74pc. The company's shares were down 1c at [euro]20.79.

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