Firmer telecoms shares on overseas markets were the main reason for the five-cent rise by Eircom yesterday when the shares closed on €2.61. Turnover was almost 2.2 million shares in Dublin, with another 1.1 million trading in London.
The report that entrepreneur Mr Pearse Flynn has expressed an interest in Eircom generated some talk in the market, but with Eircom having formalised negotiations with eIsland after completing a confidentiality agreement, the prevailing view is that the prospects of a successful bid by eIsland are increasing.
Financial shares were weaker, with AIB down 12 cents on €12.06 while Bank of Ireland drifted 15 cents to €10.06. The market's top performer, Anglo Irish, was hit by some profit-taking and fell 20 cents to €3.70.
Leading industrials were generally weaker, with the exception of index heavyweight, Elan, which was trading 83 cents higher on $55.83 on the NYSE. Power Leisure continued its extraordinary run. It jumped 20 cents to a new high of €3.80, bringing its gains since its December flotation to more than 58 per cent.
Clinical trials group Icon traded up almost 11 per cent on Nasdaq by midday to $28.31 - its main market - and was up €3.00 to €28.00 in Dublin.
More speculation on a possible move private boosted Oakhill, which was three cents firmer on €0.36.
Another acquisition helped Iona gain more than $2 in early trading to $51.81.
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