MARKET REPORT: Business was concentrated in the financial stocks yesterday as Dublin ended ahead after a session when trading volumes were reasonable.
Bank of Ireland was the big winner of the day, advancing 16 cents to €10.86 in strong trade. Irish Life & Permanent continued its recent recovery, adding a further 25 cents to €10.80. Just a week ago, the stock was standing at €9.70. Anglo Irish Bank gained 10 cents to €8.62.
The loser on the day, relatively, was AIB, which traded as low as €12.45 before ending the day unchanged on €12.53. Traders said there was some switching out of the stock into Bank of Ireland. The financial index rose 1.17 per cent, compared with a rise of 0.69 per cent for the Irish market as a whole.
Following spectacular interim figures and the decision of JP Morgan yesterday morning to upgrade British insurers, FBD Holdings jumped €1.60 to €8.70.
Of the other companies reporting yesterday, agribusiness group Glanbia lost five cents to €1.85 as its figures drew a mixed response. Analysts saw little beyond the expected in the release but some traders said demand for the stock was soft.
Datalex, which reported reduced losses and a deal with Emirates Airlines, was three cents stronger on 44 cents.
Ryanair had a quiet day by its standards after the suspension of its London-Strasbourg route. The stock traded down six cents to €6.50 in volume of just more than a million shares.
Traders said a 20-cent rise in the price of Grafton was merely a correction for an out-of-trend markdown at the end of Tuesday's session.
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