THE market drifted lower in later trading after hitting a new ISEQ high above 2330, mainly due to strong demand for financial stocks. The lack of any firm lead from London and weaker bond markets did not provide much of a firm foundation for the Irish market but overall the market was reasonably well bid at the close.
Among the financials, there were gains across the board, with AIB and Bank of Ireland both up 3p to 366p and 465p respectively. Irish Life was 2p firmer on 260p, Irish Permanent was up lp on 406p, while Woodchester was Unchanged on 177p, despite the imminent takeover of Charles Hurst by Woodchester's associate Lookers. Speculation that Woodchester would set up a data processing centre in Dublin had no impact on the share price.
Among the industrials, CRH was the star, with a 71/2p jump to 4711/2p, although Smurfit retreated 2p to 167p as JS Corp weakened. Second liners were mixed with Avonmore down 2p to 125p, Fyffes was up 1p to 110p, Irish Continental jumped 15p to 500p and Unidare gained 5p to 300p.
Gilts were generally weaker, with international bonds providing no firm foundation. Today's Budget will be the main focus of attention and there is likely to be little activity of note ahead of Mr Quinn's speech. No surprises as regards the opening Exchequer Borrowing Requirement and a generally neutral Budget as far as the market is concerned is expected.
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