Dublin Report: Allied Irish Bank was the star of the Irish market yesterday, moving up and dragging the other financials, and most of the rest of the market, with it. Dealers said the stock was boosted by positive sentiment surrounding its full-year results due out next week and an upgrade by one of the brokerages.
The shares rose 18 cent to end the day at €19.18.
Bank of Ireland also benefited from the positive sentiment, gaining 25 cent to close at €14.65.
Irish Life & Permanent was up 20 cent, at €17.85, while Anglo, which saw a lot of sellers on Wednesday found renewed interest yesterday, rising 13 cent to close at €12.91.
Elan put in a very strong performance, rising more than 2 per cent after US regulators said they would allow the company and its partner Biogen to resume use of their multiple sclerosis drug Tysabri in patients who had previously been taking it as part of a study. The Food and Drug Administration will decide next month whether they can resume widespread sales of the drug.
The stock ended the day up 25 cent at €12.20.
FBD was also a star performer, up 35 cent, at €37.55.
Eircom took a turn for the worse after releasing disappointing results and several brokerages said they planned to reduce their earnings forecasts for 2007 by as much as 7 per cent.
The group yesterday reported operating profits of €56 million for the three months to the end of December, down from €71 million in the same period in 2004. The shares ended the day down 6 cent at €2.06.
Elsewhere another Irish telecoms firm, Smart, continued its recovery on London's AIM, adding 4.3 per cent to end the day at 23.48 pence. The company's High Court action against ComReg was yesterday adjourned for two weeks.
Ryanair also had a good day, gaining 10 cent, to end the day at €7.90. Dealers said a slight drop in the price of oil would give the company an opportunity to hedge beyond March.
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