Market Report: Volumes on the ISEQ picked up yesterday after a quiet start to the week, despite a lack of corporate news. Financial stocks led the way, with significant volumes in most of the banks.
The overall index rose 95.98 points, or 1.45 per cent, to close at 6,729.26.
Allied Irish Banks and Anglo Irish were the busiest stocks with more than 9.5 million shares changing hands in both companies combined.
Allied Irish rose 24 cent to end the day at €17.89, while Anglo closed up 40 cent at €10.90. Merrion Stockbrokers upgraded its forecasts for Anglo Irish, citing the bank's potential to increase its market share and the fact that euro-zone interest rates are unlikely to rise soon.
Bank of Ireland continued the upward trend of the financials, adding 16 cent to close at €13.85 with more than 1.8 million shares changing hands.
Irish Life and Permanent rose 10 cent, ending the day at €14.50.
Elsewhere, shares of pharmaceutical company Elan rose 56 cent, equal to 9.3 per cent, to end the day at €6.57. That is its highest closing price since the company's multiple sclerosis drug Tysabri was withdrawn from the market on February 28th.
Elan yesterday released test results showing that when combined with Biogen's Avonex, its own drug, Tysabri, did in fact reduce the risk of disability progression in sufferers of MS.
In the same statement, Biogen also said the investigation into the safety of Tysabri was "on track" and should be completed by the end of the summer.
Other upward movers included CRH, which added 34 cent, to close at €22.70, while Grafton added 8 cent, to end the day at €8.88.
C&C reached an all-time high of €4, ending the day 13 cents above where it started.
Elsewhere, Eircom was little changed, up 1 cent at €1.87, while Jurys ended the day as it started at €15.60.
Ryanair added 1 cent to close at €6.80. DCC gained 15 cent to end the day at €18.
Dublin ReportSettlement Date: July 25th
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