Financials bring Christmas cheer to exchange

Market report: There was a sprinkling of Christmas cheer on the markets yesterday, with the Iseq finishing 1 per cent higher in advance of its festive break.

The biggest driver behind the gains lay in the financial sector, with AIB in particular putting in a solid performance. Shares in the bank ended 50 cent, or 2.83 per cent, higher at €18.15 on decent volume.

Bank of Ireland had a more muted finish, despite attracting heavier trade than its main competitor. The bank climbed up to €13.35 before settling at €13.30, up two cent on the day.

Irish Life & Permanent was quiet, but still managed to ride high on the positive trend, closing 20 cent stronger at €16.60. Anglo Irish rose by six cent to €12.40.

Elsewhere, Independent News & Media was a star performer as investors digested Thursday's trading update. The stock won back all of the previous day's declines, finishing nine cent higher at €2.49.

Fortunes differed yesterday for the two companies dominating the news this week, DCC and Fyffes. DCC regained the previous day's decline and moved higher again, closing at €17.95, up 45 cent.

Fyffes, on the other hand, failed to budge from the €2.30 level. Goodbody yesterday raised its price target on Fyffes from €2.00 to €2.20 to reflect the firm's plans for a new property spin-off and the "modest" financial fall-out from the DCC court action.

Volumes were light in CRH, as shares rose by 14 cent to €24.50. The company is due to issue a trading update on January 4th.

Grafton was more impressive, adding 26 cent to close at €9.16 on reasonable volume.

Elan was also firm, gaining 32 cent to close at €11.23. The firm is due to present at two healthcare conferences next month.

Tullow did well on news that its partner in a Ugandan prospect, Hardman Resources, had begun drilling in the area. Shares rose by 18 cent to €3.93 in Dublin, and closed 2.25p higher at 273p in London.

Settlement Day: December 30th