Overseas demand boosts trade

TRADING on the Irish market was described as steady by dealers in Dublin yesterday with good volumes and strong overseas demand, especially in the afternoon. They also reported profit-taking in some stocks.

Among the financials, AIB gained 4p to end the day at 517p. Bank of Ireland also closed up 4p at 719p.

Irish Permanent closed down 3p at 625p. Irish Life was unchanged at 342p.

Smurfit shares closed at 196p up 7p on previous trade. Dealers said the vigorous defence of the group's environmental record by its chairman, Dr Michael Smurfit, may have helped.

Dr Smurfit also expressed optimism about future price rises in the paper business. Dealers said there was some overseas interest in the stock yesterday.

CRH was down 3p at 670p.

Clondalkin gained 10p to end the day at 645p. DCC was up five pence at 390p.

Waterford Foods gained lop to close at 140p. It followed confirmation that the proposed merger with Avonmore Foods had been endorsed by the Irish Farmers Association.

Kerry was down 2p at 653p, having opened at its previous closing price of 653p.

Golden Vale at 80p and Greencore at 350p were both unchanged from their previous closing prices.

Shares in the Jurys hotel group were up 2p. The group is currently building a hotel in London. One dealer said a London newspaper report yesterday, which said there would be a shortage of hotels in London for the millennium, may have accounted for some of the British interest in the stock yesterday.

Waterford Wedgwood's share price was up a half-penny at 85 1/2p.

Ivernia which is engaged in a joint venture in the Lisheen mine - the project was recently given the final go-ahead by the planning authorities - saw its share price fall 1p to 109p. Tullow finished unchanged at 95p.