AIB posts top performance of session with 30% increase

DUBLIN REPORT: Iseq: 2,775.74 (+54.42) Settlement date: November 12thWHILE THE market remains nervous, it is taking the view that the worst of the bad news may be behind us, according to traders in Dublin.

With many companies due to report results in the coming weeks, traders say the expectation is that most may have positive news to report and that this sentiment is generating some advance buying.

Overall, banking stocks traded strongly with a bounce from recent lows. AIB was one of the main movers of the day up 30 per cent to close up €0.37, a rise that would indicate that heavy selling earlier in the week may have been too aggressive.

Bank of Ireland also finished strongly and was up 4.7 per cent to €0.42.

Irish Life and Permanent, whose share price had been on the slide in recent days, closed the day €0.94, up 7.3 per cent.

Ryanair was down 1.7 per cent to finish at €3.9.

Norkom shares bounced around somewhat during the day. While the company’s half year results showed an 8 per cent drop in revenue to the end of September, the market took comfort that this tallied with earlier profit warnings and shares were up 7 per cent at €0.91.

DCC closed up 2.5 per cent to 21.85.

The market reacted positively to the earlier statement from CRH that its rate of decline in sales had moderated with shares rising 4.4 per cent to close at €14.46

Independent News Media dropped 2.3 per cent to close at €0.57 while Smurfit rose 0.8 per cent ahead of today’s trading statement to finish at €8.07.

The discovery of a new oilfield by Petroneft Resources saw its stock trade strongly rising 7.87 per cent to close at €0.68 while Greencore showed strong volumes and closed €1.10 up 2.79 per cent.