Bank shares best of the bunch

Although most eyes in the market were on the Fed chairman Mr Alan Greenspans's testimony to Congress, the Irish market managed to forge ahead over 1 per cent, outperforming most of the European stock markets for a change. Dealers said that, while there was a better tone to the market, volumes were comparatively low.

Bank shares were the best of the bunch, with Allied Irish Banks up 25p on 900p, although Bank of Ireland drifted off 5p to £10.60. Irish Life - which reports interims today - was 2p lower on 443p, while Irish Permanent gained 15p to 775p.

Among the industrials, CRH was 7p firmer on 877p. American investment house Putnam is a strong supporter of the stock, picking up almost one million shares in the past few weeks to take its stake to 6.34 per cent. Smurfit was 2p lower on 103p, Clondalkin lost 13p to 470p, while Green was 20p firmer on 380p.

Irish technology stocks on Nasdaq benefited from the firmer early tone on Wall Street. CBT, which was massacred in the previous two days, was trading over $2 higher as the Dublin market closed, on $331/2, although the share is still a long way off its near $60 levels of last week. Icon was $27/8 higher on $301/4, Esat was $17/8 higher on $307/8, although Iona went against the trend and was $15/8 lower on $235/8.

Among the resources stock, Navan saw some enthusiastic buying and was 15p higher on 40p sterling although a good portion of this rise was a catch-up on the price in the London market. Navan is included on a new "buy" list from Williams de Broe as are Arcon and Glencar. Arcon, however, was unchanged on 19p, as was Glencar on 31p.