Financial provide main focus as the market rises to new high

WITH the British budget producing nothing to disturb the markets unduly, Irish share prices zoomed to another new high. The ISEQ broke through the 3,400 barrier to close at 3,412.50.industrials like Smurfit and Waterford Wedgwood also traded in size.

And the gilt market was given a boost by the astounding exchequer borrowing figures, although trading in Government stocks was relatively thin. The biggest gains were notched up at the longer end of the curve, with long-dated gilts up 55p to close on a yield of 6.6 per cent.

Financial shares were bid up strongly. AIB dealt up 12p to new high of 527p, while Bank of Ireland was 7p higher on 736p. Irish Life, however, drifted 5p lower to 335p, while Irish Permanent was unchanged on 620p. Among the industrials, CRII was 3p higher on 697p, Smurfit was 3 1/2p higher on 195p, while Waterford Wedgwood edged 1/2p higher to 86 1/2p in good-sized trading.

The various items of corporate news did not excite the market very much, although Jurys traded up 10p to 375p after its bumper results. Fyffes was unchanged on 95p after interims in line with forecasts, while Adare was unchanged on 700p after placing Pounds 17.9 million at 640p to fund the Kalamazoo acquisition.

ILP did not deal from its last trade of 53p sterling, but is destined for a sharp fall after its warning of losses. In London, ILP dealt down to 37p sterling before closing down 7 1/2p on the day on 39p.