Market Report

Trading was mixed on the Irish market yesterday, with the most significant activity coming from corporates engaging in share buy-backs. After Thursday's falls, the overall exchange recovered slightly to close up 0.1 per cent, with one dealer remarking that he was "just happy that it's not going down".

The main financials all ended in positive territory, with AIB closing up five cents at €12.30, and Bank of Ireland regaining some of Thursday's losses to close up 15 cents at €10.75. Dealers reported heavy interest from value investors, recognising the Irish banks' relative strength compared to their British counterparts.

Anglo Irish won back less ground, gaining two cents to reach €6. Fellow financial Irish Life & Permanent continued to pursue its buy-back strategy, buying more than a million shares. The stock closed up five cents at €12.05.

Among other companies rumoured to be in the market for their own stock was Independent News & Media, which has been purchasing shares through a wholly owned subsidiary all week. Independent shares closed up two cents at €1.60.

IWP also bought some of its own stock, purchasing 500,000 shares at €1 each. The share ended the day up three cents at €1.04.

Drugmaker Galen got in on the buy-back act too, purchasing 350,000 of its own shares for cancellation at a price of £3.96 sterling. In London, the stock closed at £4.05, down 10p amid continuing scares over HRT drugs.

Elsewhere in Dublin, CRH lost another seven cents to close at €14.13 on the back of unconvincing US housing data. Technology firm Riverdeep was also under pressure, losing 25 cents to close at €1.25, despite a reassuring statement on performance.