AS the international market edged ahead and London closed ahead for the first time in two weeks, Irish share prices moved higher although trading volumes remained modest and concentrated on a small number of stocks. Dealers believe that barring an unlikely surge on international markets, Dublin is unlikely to make much progress between now and the end of the year.
Once again, Bank of Ireland was the heaviest traded stock, but the fact that that distinction was based on trading of less than 2.5 million shares is an indication of the lack of interest in the market. Bank of Ireland closed 20 cents higher on €10.32 while AIB also gained 20 cents to €11.90.
The biggest gains were notched up by CRH which jumped 76 cents to €19 in turnover of 1.7 million shares. CRH is still well off its 2001 high but there is a feeling abroad that, below €19, CRH is undervalued. DCC remained weak and fell 10 cents to €11.05 - this was not related to DCC's trading but more down to some market unease about investigation into the Fyffes share sale that DCC has defended so robustly.
Elan drifted lower in both Dublin and New York in small volumes while Independent jumped nine cents to €1.97 as the market increasingly adopted the view that the APN/Wilson & Horton deal in Australasia benefited the group. Ryanair traded as high as €12.80 but drifted back to a close of €12.67 - a rise of two cents - ahead of Friday's share split.
United Drug's results beat most market forecasts, but the shares gained only nine cents to €12.80. The shares, however, have been one of the market's top performers this year and it may be difficult to push the price ahead much further.
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