# How efficient is the Irish stock market?



## Investor (20 Sep 2003)

Here is how Una McCaffrey of the Irish Times explains the movements on the Irish stock exchange yesterday:



> the main focus of business fell on those stocks entering and exiting the FTSE All-Share Index.
> 
> On the entrant side, Anglo Irish lost 35 cents to close at €9.30. Dealers suggested that investors had moved to sell in the expectation of solid buying demand, but had lost out when the buyers failed to materialise by the end of the day.
> 
> ...



So the clever Irish investment community decided to sell Anglo Irish because they expected buying demand. The demand didn't materialise, but they sold anyway!

"DCC went in the opposite direction for the opposite reason!" I take it this means that the invesment community went into the market to buy shares expecting sellers. There were no sellers, but they bought anyway.

Who says the stockmarket is efficient?


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