How efficient is the Irish stock market?

[Investor]

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.

DCC, which is leaving the index, went in the opposite direction for the opposite reason, finishing 29 cents higher at €10.64.

Elan was the only index loser to behave as expected on the All-Share changes, shedding 15 cents to close at €5.00

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?