Brisk trade as the financial sector makes solid gains

Market Report: The market moved ahead in reasonably brisk trade yesterday, with much of the rise attributable to the banking sector.

Settlement Day: December 23rd

Bank of Ireland was solid as it ascended to 10.60 before falling back to close at 10.55, up three cents on the day. AIB also finished in positive territory, adding eight cents to close at 12.35.

Elsewhere in financials, Anglo Irish Bank moved closer to the 13.00 level by trading up to 12.95. The bank's shares ended the day at 12.80, up 41 cents.

Irish Life & Permanent climbed 15 cents to €12.45 as the market continued to digest an earlier positive trading statement.

Independent News & Media, which posted a trading update on Wednesday, attracted heavy volume as it slipped back 12 cents to €1.85. Analysts said they had not expected the 53.5 million restructuring charge to be so big.

Volume was also heavy yesterday in mining group Arcon, with 5.3 million shares traded as it fell back by 0.1 cent to 4.3 cents.

The sole newsmaker on the market was Ryanair, which plunged by 3 per cent on word of a failed French court appeal. The stock recovered later in the day, however, closing up three cents at 6.63. Fellow heavyweight CRH also strengthened, closing 10 cents higher at 15.75.

Kerry Group was a big mover, adding 40 cents to finish at €14.70, albeit on relatively low volume. Greencore was busier as it rose three cents to 3.18.

Waterford Wedgwood was more or less steady at 22.2 cents as the period for trading in its rights draws to a close.

IWP was unchanged at 28 cents in advance of interim numbers due today. Analysts are expecting an update on future strategy.