Dublin Report

The ISEQ closed more than 50 points higher at 6,551.80 as it again shrugged off a weaker tone in overseas markets.

Among the stocks which featured strongly yesterday were Irish Life & Permanent, which added 45 cent, or more than 3 per cent, to €14.70 despite being downgraded by Goldman Sachs.

Paddy Power also had a good day, dealers said, adding 25 cent, or 2.2 per cent, to hit an all-time high of €11.60, while United Drug closed 10 cent, or 2.7 per cent, higher at €3.80.

Ryanair, which launched six new routes from Luton, edged up by six cent, or 1 per cent, to €5.81, while CRH gained 15 cent to €20.85.

Kerry Group, which has been in the doldrums of late, advanced by 55 cent, or 3 per cent, to €18.30 while its food sector peer, Greencore, closed four cent, or 1.25 per cent, higher at €3.25. IAWS also moved ahead to finish at €12.22, a gain of 13 cent, or 1 per cent, on the day.

Anglo Irish Bank and Grafton Group continued their seemingly inexorable advance toward the €20.00 and €10.00 levels, respectively. The banking stock closed 15 cent higher at €19.40, while the builders merchanting group added a further 17 cent to €9.75.

Nearly five million Bank of Ireland shares were traded as the stock featured among ABN AMRO's top share picks. The shares closed five cent higher at €12.20 amid continued speculation about its UK business. Volume in AIB topped 3.5 million as the shares nudged up one cent to €15.50.

Among the smaller financial stocks, IFG closed eight cent, or 9 per cent, higher at €0.95 after its chairman and chief executive bought shares at a price of €0.90 to raise their stakes by more than 1 per cent apiece.

In London, Vodafone shares added 1.1 per cent to 138.75 pence ahead of the release of a trading statement next week.

Settlement Day: January 24th