THE Dublin market rose again yesterday in fairly active trade. Stocks posted gains despite some nervousness on international markets after stronger than expected industrial production data out of the US.
US industrial production rose by 0.9 per cent in March against a forecast rise of 0.6 per cent, while capacity utilisation was at its highest in two years.
Financials led the Dublin market with good buying interest in Bank of Ireland as it closed its Bristol and West deal. Traders said that, although there was no surprise, the stock was proving popular.
Bank of Ireland closed up almost 3 per cent at 666p from 648p a share. AIB fobllowed it up closing at 461p from 453p.
Irish Permanent rose 3p to 603p while Irish Life put on 5p to close at 327p.
Traders said the mid cap stocks were fairly quiet although the smaller caps did attract some attention.
Clondalkin ended up 25p at 620p a share, while Kingspan put on 10p to close at 680p.
Smurfit lost 1p to close at 159p despite news that Dr Michael Smurfit took up a large number options to buy shares in the company. Dealers said the move was seen as a vote of confidence in the stock but was unlikely to have any immediate impact.
Fyffes, which warned on Monday that first half profits could be down slightly on last year, saw a gain of 1p to 97p. Avonmore, which made a formal offer for Waterford Foods on Monday, was up 2p at 237p, while Waterford was down 3p at 97p.
The Irish bond market was more affected by the US data and was also hit by some profit taking by domestic institutions.
Dealers said the short end lost out as it is trading below where the money market is, leaving no pick up for the market.
They added that the trade in recent days where international investors have been selling Spain to buy Ireland has unwound, with some profit taking.
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