Irish banking shares failed to benefit from the 3.7 per cent jump in the British banking sector ahead of today's Lloyds TSB results although CRH benefited from the strength of the London market and surged to a new closing high of €16.15 (£12.72), with brokers reporting hefty trading in the stock.
With most informed observers dismissing the takeover talk, AIB shares are currently treading water. They fell 20 cents yesterday to €15.90 (£12.52). Bank of Ireland was 5 cents higher on €17.80 (£14.02). Merger stocks Irish Life and Irish Permanent were both firm, with Irish Life up 5 cents on €8.35 (£6.58) and Irish Permanent unchanged on €13.85 (£10.91).
Apart from CRH, there was little joy for investors in industrial shares with Smurfit continuing to lose its recent gains, falling 5 cents to €1.63 (£1.28) after poor results from the group's Carton de Colombia subsidiary. The boardroom shake-up at Smurfit Stone came too late for the Dublin market, and had little positive impact on Smurfit Stone shares, which were trading lower on Nasdaq despite the overall strength of the New York market.
McInerney was 6 cents lower on €1.49 (£1.17) - the price at which it is raising £7.6 million in a placing and open offer. Independent, however, was weaker once again and closed down 10 cents on €3.25 (£2.56). Recent share buying by Dublin investor Mr Pierce Casey and directors, notably Mr John McGuckian, has given Unidare shares a boost. They closed up 22 cents yesterday on €1.80 (£1.42), with some investors taking the view that Mr Casey and the directors would not be pumping millions into Unidare shares unless there was good reason.
Irish stocks on Wall Street were generally firmer, with Iona, Ryanair and Esat all ahead.
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