Dublin Report: Anglo Irish Bank and United Drug were among the top performers on the Irish stock market yesterday as both companies delivered better than expected results.
Shares in Anglo closed more than 5.5 per cent higher after the bank posted a 36 per cent rise in pretax profit to €685 million, well ahead of market expectations.
The share price closed 61 cent higher at €11.58 with more than seven million shares traded in Dublin as analysts set about upgrading their forecasts and share price targets. Goodbody is now looking for a share price of €13.30.
United Drug shares also had a good day, surging by 13 cent, or 4 per cent, to €3.30 after the company posted a 16 per cent rise in pretax profits.
Greencore was another strong performer yesterday, having given up ground following the release of its results on Tuesday.
However, the shares added 16 cent, or more than 5 per cent, to €3.28 yesterday amid hopes of a positive outturn to reform of the EU sugar regime for shareholders.
Other movers included AIB, which dealers said was helped by positive sentiment toward the banking sector in the wake of the Anglo's results. AIB shares closed 39 cent, or 2.2 per cent, higher at €17.99.
Bank of Ireland did not benefit ahead of its first-half figures today, however, slipping by four cent to €13.20.
Shares in Fyffes, which have also been dogged by EU reform proposals, bounced back to add eight cent, or 3.8 per cent, to €2.17. Also in the food sector, Glanbia was up by five cent, or 2 per cent, to €2.47.
Eircom, which announced that it had completed the acquisition of mobile phone operator, Meteor, lost two cent to €2.20.
Ryanair fell victim to some profit taking, giving up 10 cent to €7.38 while Paddy Power also lost 10 cent to €11.00 following its strong run earlier this week.
Dealers reported buying interest in Kingspan, which added 15 cent, to €10.28.
Settlement Day: November 28th
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