Dublin report: The Irish stock market bounced back yesterday, despite continued weakness overseas, as the leading financials recovered some of the ground lost on Monday.
AIB, which unveiled a market-leading savings product geared at SSIA holders ahead of its annual meeting in Cork today, added 24 cent, or 1.3 per cent, to €18.89.
Bank of Ireland gained 15 cent, or 1 per cent, to €14.60 while Anglo Irish Bank, which is due to release its interim results early next month, closed 22 cent, or 1.7 per cent, higher at €13.12.
Dealers said ongoing speculation about takeover activity fuelled continued buying interest in Irish Life & Permanent which edged up by a further five cent to €20.70.
Building materials group CRH also had a good day, gaining 23 cent to €28.63 as it was boosted by the valuation attaching to Lafarge North America. Also in the construction sector, Grafton firmed by 19 cent, or nearly 1.8 per cent, to €10.89 as a Davy report said there was scope for an upward re-rating of the sector.
But Ryanair remained volatile, seesawing with the oil price, although it closed the day 16 cent, or 2.4 per cent, higher at €6.80. Other movers yesterday included drinks and snacks group C&C which added 15 cent, or 2.5 per cent to €6.20 amid optimism heading into the summer, the peak period for sales of its cider.
Paddy Power added 45 cent, or 3.5 per cent, to €13.50 as investors bet the World Cup would be good for the group and Davy raised its share price target to €16 from €12.40.
Independent News & Media, which has been in the doldrums of late, nudged up by three cent or 1.2 per cent to €2.51.
Shares in Eircom were up by one cent to €2.17 as Credit Suisse, which has been mooted as a financial backer of Australian investment fund Babcock & Brown, announced it had increased its stake in the Irish telco to 5.17 per cent from 4.02 per cent.
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