Bank of Ireland proved the star performer on the Irish market today, rising more than 13 per cent after US investor J Christopher Flowers indicated he is continuing to look for Irish banking assets.
However one Dublin broker said expectations that the 2011 Budget will be passed tomorrow also contributed to Bank of Ireland's strong turn, as it is more likely to “live to fight another day” if the Government’s fiscal plan goes through.
Activity remained strong in Bank of Ireland’s US line today, and volumes were also heavy across both the Dublin and London markets. The stock added 13.4 per cent, or about four cent, to finish at 36.4 cent.
AIB was also very strong, although it was overshadowed by Bank of Ireland. It closed more than 10 per cent ahead, or 3.5 cent, at just under 38 cent.
Irish Life & Permanent added three cent, bringing it to almost €1.02.
Cement stock CRH weighed on the Iseq index, falling 1.35 per cent, or 20 cent, to €14.57. This dip was in line with the movement of CRH’s peers, and followed the release of forecasts predicting the recovery in the European construction sector may not now materialise until 2012.
Ryanair failed to gain any uplift from positive traffic statistics released last week, or from rumours the travel tax may be reduced in tomorrow's Budget. The carrier shed more than 1 per cent, or 4.2 cent, to €3.82.
Biotech group Elan added almost 25 cent to close just a shade off €4.15 after announcing the appointment of Robert Ingram as its new chairman.
Exploration company Dragon Oil bounced more than 6 per cent, or 33 cent, to just under €5.66 following speculation it may be the target of merger and acquisition activity next year.
The Iseq gained 0.4 per cent to 2,752.50 today. Across Europe, Germany's DAX Index added 0.1 per cent, the UK's FTSE 100 gained 0.4 per cent and France's CAC 40 slipped less than 0.1 per cent.
Additional reporting - Bloomberg
