Boosted by an expectation of good interim results today and an "outperform" tag from Morgan Stanley Dean Witter, CRH put in a powerful performance yesterday and jumped 49 cents to €19.84. If MSDW is calling it right with a target price for CRH of €22, then the stock still has some mileage in it especially if it beats market forecasts of interim profits in a €171-€175 million range.
CRH's gains almost made up for a sharp fall by index heavyweight Elan which fell €2.75 to €63.75 in turnover of just 655 shares. With New York closed for the Labor Day holiday, it will be later on today before the market gets an idea if US investors share the view of the punter who unloaded his 655 shares yesterday.
Financial shares were mixed, with Anglo Irish putting in the best performance with a nine-cent gain to €2.32. AIB was 14 cents higher on €9.57 although Bank of Ireland drifted three cents lower to €6.70. Eircom benefited from the improvement in telecom stocks on overseas markets and regained another nine cents to €2.55. ITG jumped 60 cents to €12.00 as chairman John McDonnell disclosed that he bought 100,000 shares last Thursday at €9.33 each. That leaves the chairman sitting on a tidy paper profit of €26,700 on his timely investment.
Kerry was hit by some post-results profit-taking and fell 45 cents to €14.65 in turnover of 222,000 shares. Qualceram dealt for the first time since it relisted and gained 23 cents on its pre-suspension price to close on €2.43.
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