Market Report

The market moved ahead yesterday, led by strong performances from CRH and AIB.

The bank gained 30 cents, or nearly 2.4 per cent, to €12.95 as it completed the sale of its troubled US subsidiary, Allfirst, to US-based M&T. Dealers said the closure of the sale was seen as the catalyst for the start of the bank's share buyback programme, which is expected to take place over the coming weeks.

Bank of Ireland was also lifted by a reasonable performance by international banking stocks, ending nine cents higher at €9.80.

However, Anglo Irish Bank lost 14 cents to €6.40 while Irish Life & Permanent also closed weaker, down five cents at 9.45.

Dealers said CRH outperformed a generally weaker construction sector, adding 20 cents to 13.30.

But elsewhere the picture was mixed. Ryanair closed four cents lower at 6.15 but Kerry had a good day, adding 40 cents to 12.70.

Irish Continental Group lost five cents to €7.70 as it announced the buyback of a further 210,705 shares, or 0.85 per cent of its share capital, at €7.80 per share on Monday.

Elan shares closed five cents higher at €2.65 after it announced that it would receive $89.5 million in cash from its investment in Xcel Pharmaceuticals. However, uncertainty over a key sale of two drugs to King Pharmaceuticals, which is due to go to trial in May, continues to hang over the shares.

Arnotts shares gained 10 cents to 12.60 as shareholders continue to await news of a bid. Readymix was off a further two cents to 1.55 after rejecting the Kilsaran offer of 1.75 per share.