Investors show confidence in new B of I chief

Market report: Bank of Ireland was the centre of attention in Dublin yesterday, racing ahead a day after results that were welcomed by the market despite concerns about the performance of the asset management and UK businesses.

More than 10 million shares in the bank were traded yesterday, 6.5 million of them in Dublin as it advanced almost 3 per cent to close at €11.36, up 33 cents. Dealers said the market reaction to the interim figures was a vote of confidence in the new chief executive, Mr Brian Goggin, and his team.

Despite Bank of Ireland hogging the attention, Allied Irish Banks held their ground well, following its recent strong run, with about five million shares changing hands in Dublin and 7.5 million overall. The stock closed down just two cents on €14.36.

Anglo Irish also moved ahead strongly, adding 20 cents, or 1.27 per cent, to end the week on €16.

Trade in Irish Life & Permanent was quieter but the shares rose 20 cents to €13.60, recovering almost all the ground lost on Thursday.

C&C had another strong session, hitting a new high of €2.82 before closing on €2.80, five cents firmer on the day. Dealers said investors were responding positively to the decision by venture capitalists BC partners to hold on to their 34 per cent stake in the firm despite the end of a lock-in period on Thursday.

Independent News & Media caught the upbeat market mood and closed the session strongly to add two cents to €2.26 with reasonably heavy volume of 3.36 million shares in Dublin. Dealers said almost a million shares changed hands at €2.27 near the end of the day.

There were few notable casualties on a day when the ISEQ index closed 0.86 per cent stronger. Ryanair shed a couple of cents to end the week on €5.03, while Waterford Wedgwood was 2.5 per cent weaker on eight cents. Kerry Group gave up 25 cents to €17.95 though dealers said most business in the stock took place above the €18 mark.

Settlement Day: November 17th