FINANCIAL stocks lead the recovery in Dublin yesterday with the market recovering almost one per cent despite a weak opening session on Wall Street. A large portion of the gains were in after hours trading with a flurry of dealing in a wide range of stocks.
Among the financials, AIB closed up 61/2p on 3231/2p after some good sized trading, while Bank of Ireland closed 8p higher on 416p. Woodchester dealt up 6p to 188p, Anglo Irish was 1p firmer on 63p while Irish Permanent was 3p higher on 392p.
The sole exception among the financials was Irish Life which lost 2p to 228p. Some in the market are still concerned about the group's industrial relations problems.
Among the industrials, fortunes were mixed with the big two, CRH and Smurfit, both losing 2p to 383p and 161p respectively. Avonmore gained 2p to 160p, IAWS was 5p higher on 170p, Golden Vale was active and closed up 2p on 66p, while Greencore was 3p firmer on 305p.
With the rights issue out of the way, Independent gained 5p to 300p while Unidare continued its after the 40p fall earlier in the week and closed up 10p on 200p.
The main feature on the gilt market was another £100 million tap of the five year stock. The tap was covered just once compared to the 7.6 times cover of another £100 million tap earlier this week. Dealers did not express any great concern about the apparent lukewarm reaction, with many investors having probably got as much of the five year stock as they wanted earlier in the week.
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