Financials benefit most from market's stronger sentiment

Stronger international markets helped the Irish Stock Exchange push ahead firmly with financial stocks benefiting most from better sentiment.

The heaviest trading was in Bank of Ireland where 3.7 million shares traded as the stock gained 11 cents to €10.03. The biggest gains, however, were notched up by AIB which jumped 56 cents to €10.91 - helped by an upgrade from Goldman Sachs which put a €12.40 target price on the shares.

Anglo Irish was seven cents higher on €3.67 but Irish Life lost 16 cents to €12.20 with the end of the buyback removing one support for the shares.

Industrial stocks were mixed but Smurfit continued its good run and gained five cents to €2.48, its highest level for the best part of 18 months.

CRH lost 10 cents to €17.40 while DCC remained firm and dealt up 12 cents to €11.22.

Grafton was unchanged on €3.12 as Setanta disclosed a 3.7 per cent stake.

Ryanair was 11 cents higher on €12.66 as US investment group Capital disclosed a 5.48 per cent shareholding.

Independent, which is attempting to introduce pay cuts in its Irish operations, was seven cents higher on €1.82 while almost 3.6 million Waterford Wedgwood shares dealt, although the stock was unchanged on €0.75.

On the US markets, Elan was trading marginally firmer and by midday was 15 cents higher on $41.85. Datalex was very volatile and traded as low as $0.46 before recovering to trade at $0.73 by midday, an 18 cent gain on its overnight level.