Early spurt of energy as market catches a dose of football fever

TRADE in Dublin was brisk yesterday, prompted possibly by a desire to do business ahead of the 4.30 p.m. kick off in the Italy v Russia match.

"You shouldn't try and do anything after 4 p.m. as most of the fund managers have left for the soccer," said one dealer.

However, ahead of the soccer exodus, most stocks traded higher, buoyed by a better performance on Wall Street and in London.

There was particular interest in the leading industrials, while financial stocks moved ahead.

Avonmore rose by 12.5p to 165p on the back of news that milk prices are being cut, which should offer better margins. Other food stocks also rose on the day, with Golden Vale closing 1p firmer at 66p.

Golden Vale was trading at historic lows recently but earlier this week financier Mr Dermot Desmond paid around £6 million for an 5.82 per cent stake in the agribusiness company.

Yesterday's small rise in the share price appears to reflect the market's interest following Mr Desmond's move.

Kerry, which is restructuring the relationship between the co-op and the public limited company, added 10p to close at a record high of 660p. Waterford Foods was unchanged at 90p, while Greencore fell back slightly to 320p before firming to close unchanged at 322p.

Among the other industrials, CRH was 5p better at 620p while Smurfit gained 2p to close at 165p.

AIB gained 2p to end the day at 336p, white Bank of Ireland was one of the few leading stocks to slip back closing down 2p at 443p. Irish Life was up 2p to 254p, while Irish Permanent was 4p firmer at 387p.

Two Northern companies had respectable gains due mainly to Dublin catching up with trading in London. Northern Ireland Electricity was 38p stronger at 428p, while Dungannon based Powerscreen rose from 450p sterling to 470p.

Fitzwilton, at 60p, failed to trade but British sentiment on the stock has apparently improved after analysts were brought to the North to see the Wellworth operation, which they now feel may be undervalued.