Market falls back after positive start

Market reportIt was a day of two parts yesterday as the Irish market made a a very positive start to the week, rising as much as 2.4 per cent at one point, before falling back to close just under half a per cent lower at 6,595.

It was also a rare day of outperformance for the Iseq index of Irish shares as its European counterparts were all hit harder by the recurring negative sentiment.

Dealers said there was no obvious reason why Ireland had escaped the worst, but the ongoing volatility was a clear sign that we are not yet "out of the woods".

The financials all closed significantly off their daily highs, with AIB ending the day down 1.4 per cent, or 19 cent, at €13.65 after earlier rising more than 5 per cent.

Bank of Ireland, meanwhile, closed little changed, down just two cent at €9.75, after earlier trading as high as €10.25. As many as seven million shares changed hands.

The main focus, however, was on Anglo Irish Bank, which is due to release its full-year results tomorrow. The bank's shares climbed as much as 4.6 per cent, before falling back a little to close up 2.9 per cent, or 27 cent, at €9.65. They were also in demand, with more than 4.1 million units trading.

Building materials group CRH had a rare positive day, climbing 1.7 per cent or 39 cent, to end the day at €23.34. It also closed off its daily high though, having earlier been up more than 2 per cent.

Elsewhere, Siteserv put in a spurt, jumping more than 20 per cent after announcing it had bought Co Kildare-based Roankabin for €6 million. The shares closed at 41 cent, a gain of 7 cent.

Mobile data and services firm Zamano was also a gainer, rising 9 per cent to 36 cent, after revealing it had bought Dublin-based peer Red Circle in a "transformational" deal worth as much as €24.4 million.