Anglo Irish Bank was once again the flavour of the market with investors cheering the latest private banking acquisition in Switzerland - the venerable Marcuard Cook Bank in Geneva. Almost 3.5 million Anglo shares traded in Dublin as the share jumped 10 cents to another new high of €3.15.
Otherwise financial shares were generally weaker with AIB down 33 cents on €12.70. Los Angeles investment house Capital has been a big buyer of AIB in the last three weeks, adding 2.6 million shares to take its stake to 62.5 million shares of 7.11 per cent.
Irish Life drifted 2 cents lower to €12.78 despite an upgrade from Goldman Sachs following the TSB acquisition. Goldman has raised its price target for Irish Life from €11.90 to €14.50 to reflect the earnings boost from TSB. Earnings forecasts have been raised from €0.93 to €1.00 a share for 2000, from €0.96 to €1.12 in 2001 and are forecast by Goldman Sachs to reach €1.24 in 2002.
Biggest volume of the day was in Athlone, where Barlo went into the market after confirming its agreed bid. Almost 6.5 million shares traded, with Barlo picking up two-thirds of those. Barlo itself was 3 cents firmer on €0.94. CRH remained the pick of the industrial stocks, gaining another 40 cents to €18.07 as investors continued the move back into cyclical stocks. Eircom lost 6 cents to €2.92.
Fyffes, tipped by many to be taken private, was 2 cents higher on €0.87 on turnover of 1.9 million shares. Datalex - a stodgy performer since its flotation - finally recovered some ground and was 35 cents higher on €6.50. Industrial relations problems are hitting Independent and the share lost 18 cents to €3.02. Power Leisure traded as high as €2.85 on its debut before closing on €2.75 - 35 cents above its flotation price.
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