Business stays 'fairly quiet' ahead of the holiday season

The Dublin market rose marginally in what traders described as "fairly quiet" business ahead of the holiday season. The ISEQ index finished 24.19 points stronger at 5,460.90, with the focus of activity on non-financial shares. Dealers said fund managers, winding down business, were unlikely to trade heavily before the new year.

The most traded stock yesterday was Smurfit, which closed unchanged at €2.46. Almost three million shares changed hands, although Smurfit traded nowhere near the year-high of €2.55 achieved last Thursday. Traders said investors had taken a positive view of the stock in anticipation of an economic turnaround in the US. "If you believe in the recovery of the American market, you must believe in Smurfit," said one.

Of the other leading industrials, CRH gained eight cents, closing at €19.70. With 1.17 million shares exchanged, dealers said the stock was buoyed by a positive trading statement by Aggregate Industries, a competitor in the British and US markets.

Also heavily traded was Independent News & Media, which said on Monday that Mr Gavin O'Reilly had been appointed chief operating officer of the group. The stock lost three cents to close at €1.91 after more than two million shares changed hands.

Greencore named its current development director, Mr Patrick Kennedy, to succeed Mr Kevin O'Sullivan as chief financial officer when he retires next April. It closed eight cents weaker at €2.60.

Irish Life & Permanent was the prime financial mover. It closed seven cents stronger at €11.90 although trading was thin. Bank of Ireland finished five cents stronger at €9.80, while AIB closed two cents ahead at €11.77. Anglo Irish Bank stock closed three cents stronger at €4.12.