Banks do well ahead of AIB's EuroStoxx debut

Market report: The Irish stock market was little changed again yesterday although there was heavy volume in some of the more high profile stocks.

AIB remained active with some 12 million shares traded between both Dublin and London as the stock added a further seven cent to €18.04. Dealers said there was quite a bit of manoeuvring going on in the shares ahead of the bank's entry to the Dow Jones EuroStoxx 50 tomorrow.

AIB had a knock-on effect on Bank of Ireland, which finished the day seven cent higher at €13.05 in decent volume of nearly four million shares.

Anglo shares closed 14 cent higher at €10.14 as the bank reassured investors that the impact of new accounting standards on its results would be as outlined, knocking around four per cent off first half earnings per share.

Eircom remained active, with more than nine million shares changing hands in Dublin along with a further seven million in London. Nonetheless the shares only managed a one cent-gain to €1.73.

Drink and snacks group C&C continued to edge upwards, adding a further six cent or 1.6 per cent to €3.76 despite reports that Scottish & Newcastle may launch a rival to its Magners cider brand in the UK.

Also in the food sector, Kerry Group advanced by 15 cent to €20.45 although IAWS did not do as well, losing 35 cent, or nearly 3 per cent of its value, to €11.50.

Among the smaller stocks, FBD added €1.15, or 4.5 per cent, to €27.00 following recent positive comment from stockbrokers both at home and abroad.

While the strength of the oil price did little for Ryanair, which closed three cent lower at €6.36, it helped to lift Tullow.

Shares in the exploration group closed five cent, or 1.8 per cent, higher at €2.83 in Dublin.

Dealers also reported good interest in Kenmare Resources, with nearly 1.6 million shares traded as the stock shed two cent to €0.40.

Settlement date: July 1st