Anglo Irish Bank was the star of the Irish market yesterday as the trading update due this morning prompted a raft of buying and helped propel the whole Iseq index of Irish shares higher.
The index rose 0.9 per cent, to end the day at 8,515, its highest closing level in more than three weeks. Shares in Anglo climbed 2.1 per cent, or 29 cent, to close at €14.15, with almost nine million units changing hands. Dealers said all eyes will be on the group's so-called work in progress figure in the trading statement.
Elsewhere, AIB exceeded expectations, rising 1.5 per cent, or 28 cent, to end the day at €19, despite confirmation that it had fallen out of the Eurostoxx50. Dealers had expected some investors to sell the stock on the news, though it had been well flagged and others said the move was already priced into the stock.
Several of the second liners also put in strong showings yesterday, with Paddy Power surging 5.9 per cent, or €1.35, to close at €24.35.
The bookmaker saw its pretax profits more than double to €42.7 million in the first half, helped by favourable sports results. It also raised its profit outlook for the full year.
Kerry also benefited from good results. Shares in the food group rose 5.6 per cent, or €1, to end the day at €18.90 after reporting a 5.7 per cent increase in first-half pretax profits.
Dealers said the market had also welcomed news that Kerry chief executive Hugh Friel is to retire and be replaced by Stan McCarthy, currently head of the American ingredients business.
Tullow Oil, meanwhile, closed up 5.2 per cent, or 40 cent, at €8.05, a gain dealers attributed to good progress on the group's exploration activities, particularly in Namibia, Uganda and Ghana.
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