Irish shares bounded ahead to close almost 2 per cent higher despite the weaker tone on international markets. The continuing recovery by the market is a move back from the oversold position of last week when the ISEQ dipped below 5,000 at one stage before buying interest resumed. Volume, however, was relatively thin and big price changes in low volumes may become a more common feature of the market.
Most of the gains were concentrated among the financial stocks which suffered most from the selling of the past couple of weeks and all closed well up on the day, also boosted by some weekend tips in the British financial press. AIB was 34p higher on 980p, Bank of Ireland gained 43p to £13.85, Irish Life added 24p to 624p while Irish Permanent was 10p firmer on 860p.
Smurfit gained 9p on 247p ahead of tomorrow's e.g.m. while CRH was 20p higher on £10.96. Eleswhere, it was a mixed lot with Green 5p firmer on 540p as the Trafford Park takeover battle intensifies with the first closing date for acceptance of the Green offer due next Thursday.
Arnotts was unchanged on 650p as Fidelity disclosed that it has boosted its stake to 9.8 per cent after buying almost 383,000 shares last Friday.
First Active has emerged as one of the main buyers of Golden Vale's 8 per cent stake in Donegal Creameries - the fund manager disclosed that it now holds 5.8 per cent of Donegal equity; previously it was not above the 3 per cent disclosure limit.
Heiton went against the upward trend and lost 18p to 210p, In- dependent was 5p firmer on 447p while Jurys rebounded with a 25p gain to 640p. A tight market in the stock was the main reason for the 8p jump to £10.30 by Kerry.
Beleaguered Powerscreen went from bad to worse and closed down another 1 1/2p to 48p sterling in London with no apparent bottom to the share's current hole.
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