Market advances during day of sluggish trading

Trading in Dublin was relatively quiet yesterday despite heavy business in New York and London on the back of US employment figures which eased fears that the Fed would raise interest rates.

"There was small selling really, no fierce trading," said a broker. Overall, the market gained 0.8 per cent on the day, rising by nearly 40 points to finish at 4,988.

Of the financials, Bank of Ireland was strongest on the day, rising by 12 cents to close at €9.00 (£7.09).

"Irish Life & Permanent was a bit firm on the news [in London] that NatWest was looking at Legal and General," the broker said. Shares in the company rose by 10 cents to €10.10 (£7.95) after heavy dealing during the day. Allied Irish Bank was down eight cents to €12.38 (£9.75) after a strong day's trade, while First Active fell five cents to finish at €3.30 (£2.60). Hibernian dipped 15 cents to €7.45 (£5.87) on the day. "CRH was in reasonable shape," the broker said. After heavy trading, shares in the company finished 25 cents easier at €20.80 (£16.38).

Telecom, Eircom from Monday, was just one cent weaker at the end of a strong day's trading, finishing at €4.19 (£3.30).

The broker reported "evidence of buying interest in more second line stocks". Kingspan, which released good results earlier in the week, started the day at €2.80 and dipped to €2.62 before rising again to finish five cents lower at €2.75 (£2.17). "Barlo was well bid," said the broker, with shares in the company finishing one cent down at 85 cents (67p).

Shares in Smurfit traded heavily, rising three cents to €2.88 during the day, before finishing a cent easier at €2.84 (£2.24). Ryanair closed at €8.60 (£6.77), 10 cents lower on the day.

Meanwhile, shares in Independent News & Media finished unchanged at €4.65 (£3.66) and those in Waterford Wedgwood fell by one cent to 99 cents (78p).