Market Report

The Irish stock market moved ahead again yesterday as overseas markets remained in positive territory, helped by good economic news from the US.

The price of oil continued to dominate sentiment with airlines such as Easyjet and BA moving ahead on the recent dip in prices although Ryanair failed to follow suit. Instead, shares in the low fares airline gave up four cents to €4.30. However, Irish Continental Group, another oil sensitive stock, managed a five cent gain to €9.25.

Other movers included Independent News & Media which added four cents, or more than 2 per cent, to €1.96. The shares were helped by a better-than-expected first-half performance by its Australian associate APN. Elan had another good day, adding €1.05, or more than 6 per cent, in Dublin to €17.50 as it bounced back after recent share price weakness.

The banking sector had a relatively dull day, despite continued takeover speculation in Britain, with volumes remaining light. AIB shed one cent to €12.99, Bank of Ireland was off one cent to €10.83 while Anglo Irish edged up two cents to €13.52 as dealers reported continued buying interest. Irish Life & Permanent also fared well, adding 12 cents or 1 per cent to €12.15.

In the technology sector, Datalex shares gained four cents or nearly 10 per cent to €0.45 as the stock recovered from the sale of former executive Mr Neil Wilson's shareholding earlier this year.

Among exploration stocks, Providence Resources, which is currently drilling on the Blackrock prospect in the Celtic Sea, stood out. Around 10 million shares changed hands as the stock dropped by two cents, or 25 per cent, to €0.04.

In the UK, the FTSE was lifted by mobile phone giant Vodafone after a series of meetings with banks boosted confidence in the company. Shares in Vodafone, which still has a large number of Irish shareholders, rose by 1.4 per cent to 124 pence sterling.

Dublin ReportSettlement Day: August 20th