THE Dublin market shrugged off an anaemic performance in London and a dull opening session in New York to notch up another new high, with impressive gains once again by the main financial shares. The market closed within reach of the 3000 barrier and Davy has now revised its end year forecast for the ISEQ to 3200.
Davy believes the springboard for those gains will be the major financials, and yesterday AIB and Bank of Ireland performed impressively and closed up 10p on 465p and 625p respectively.
The rating gap against bank stocks in Britain, the US and Europe should underpin the shares and most brokers believe the bank shares have a lot more to run before any serious profit taking sets in.
Some of the smaller financials also did well and Irish Permanent jumped 10p to another new high of 580p while Irish Life hit 190p before closing up 4 1/2p on the day on 285 1/2p.
Industrials, as usual, were mixed with CBH making advances while Smurfit drifted lower - CRH gained 4p to 654p while Smurfit was 1p lower on 172 1/2p. Elsewhere Greencore recovered strongly from last week's selling and added 15p to 380p while Independent was 15p firmer on 340p. Adare gained 9p to 645p, DCC was 5p higher on a new high of 300p while Hibernian gained 7 1/2p to 292 1/2p.
Tullow continued to trade in big volumes in London, but closed down on the day on 95p sterling while the share closed on 99p in Dublin.
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