Banks drive fourth day of rising stocks

Market report:The Irish market climbed for the fourth day yesterday, adding just half of a per cent, but marginally outperforming its European peers.

Most of the volume was in the financials, with dealers reporting decent two-way demand. Their performance, however, was mixed, with Anglo, the best performer, adding just 10 cent, to close at €14.22.

Bank of Ireland meanwhile rose four cent, to €13.52, while AIB was pretty much unchanged at €18.26. Irish Life & Permanent fell 11 cent to €17.88.

Elsewhere, movement was more pronounced in some of the other stocks, with drinks group C&C falling 4.9 per cent, or 30 cent, to end the day at €5.80.

Dealers couldn't give a reason for the decline, apart from saying the stock had been all over the place recently as a result of ongoing takeover speculation.

Independent News & Media was also a loser, declining 1.8 per cent, or five cent, to end the day at €2.80. The company said yesterday it had continued its share buyback, spending almost €1.7 million on 600,000 units.

Homebuilder Abbey put in a good showing, rising 4.9 per cent to €7.55 after saying turnover in the current financial year was running moderately ahead of last year.

United Drug also benefited from a positive trading statement. Its shares added 6.1 per cent, or 20 cent, to close at €3.50 after it said its results will be ahead of expectations.

Ryanair shares closed up 1.6 per cent, or nine cent, at €5.42.

McInerney also had a good day, reversing some of its recent declines by jumping 11 per cent, or 17 cent, to close at €1.72.

Settlement day: October 9th