Dublin pushes ahead to new high despite international slowdown

IRISH stocks ignored the mild weakness on international equity markets to push ahead to another new high, but dealers said that turnover was well down on the recent levels and the market may be in for a breather.

Both major bank stocks recovered from some early profit taking to close unchanged on the day, with AIB on 433p and Bank of Ireland on 600p. Other financials were firmer, with the deteriorating dispute with sales staff not unduly affecting Irish Life which closed up 3p on 273p. Continuing bid speculation boosted Woodchester 10p to 245p while Irish Permanent hit another new high, up 5p to 545p.

Industrials were mixed, with CRH drifting 5p lower to 642p on profit taking while Smurfit was unchanged on 170p. Fidelity disclosed that it has been a recent buyer of DCC, with its stake rising from a previously disclosed 10.1 per cent to 11.85 per cent. This involved buying an additional 1.8 million DCC shares.

Kerry jumped 15p to 670p bringing the sharess almost back to the level before the Davy downgrade knocked the share for six, Fyffes was Vip higher on 117 1/2p, despite beginning to trade ex dividend while Independent gained 5p to 345p.

Among the explorers, Arcon closed up another 2p to 45p on speculative reports that more good news is on the way from Galmoy. Aminex did not trade from its overnight 54p but disclosed that Morgan Grenfell, which bought 3.5 million shares last June, has sold the lot. Hardly a surprise, given MG's recent trials and tribulations.

The departure of Kish from the market after a 13 month suspension is unlikely to concern too, many people.