Financial, tech stocks push prices ahead

Shares on the Dublin market closed higher as financials and technology stocks helped to push prices ahead in very thin trading…

Shares on the Dublin market closed higher as financials and technology stocks helped to push prices ahead in very thin trading.

Bank of Ireland was in demand, with the shares closing 15 cents higher at €7.10. AIB was also well-bid, gaining 20 cents to end the day at €9.90. Other financials were unable to capitalise on the stronger tone though, with Anglo Irish Bank dropping five cents to €2.42 and Irish Life & Permanent down 10 cents to €8.45.

Results from the US banking sector may help boost sentiment towards the Irish banks in the coming weeks, although continuing pressure on profit margins and a lack of interest from overseas institutions will continue to hold back progress.

Technology stocks were also in favour. Iona made some gains, ahead of results, gaining 3 per cent to close at €88.5. ITG pushed 5.4 per cent higher to €10.75 and Riverdeep gained 20 cents to end at €3.40.

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The industrials were weaker, with CRH down 10 cents to €18.70 and Smurfit unable to sustain early gains. It closed at €1.93, down two cents.

Elan, which is attracting buy recommendations from brokers, made further progress, adding 75 cents to €53.5. Eircom was unchanged at €2.73.

Among the food stocks, Glanbia put on one cent to close at 72 cents, Golden Vale made a similar gain, rising to €1.11, Greencore went five cents higher to €3, and Kerry was unchanged at €13.80.