A combination of factors combined to drive the Irish market ahead strongly on Wednesday - the final trading day of 1997 - and the ISEQ Overall Index closed only a few points short of its December 9th all-time high. The absence of many fund managers and brokers meant that overseas investors bidding for stock found little on offer.
The few dealers who were at their desks for Wednesday's truncated session had left before Wall Street opened brightly, and the indications are that a bar a sudden weakness in New York in new year trading, Irish stocks will remain in demand. The usual shortage of supply should ensure prices remain firm, with a possibility that strong gains will be notched up in the early weeks of 1998.
Most of the leaders rose sharply on Wednesday, but the bulk of the rise in the index was accounted for by the 2 per cent rise in financial shares.
Allied Irish Banks was 15p higher on 680p while Bank of Ire- land jumped another 22p to close on £10.82.
Irish Life continued its apparently unstoppable rise and rose 13p to a new high of 403p while Irish Permanent gained 30p to 745p in thin trading.
Even the prospect of big Christmas storm claims failed to affect Hibernian which was 10p higher on 525p while fellow-insurer FBD was similarly unaffected with a a 5p gain to 355p.
Avonmore Waterford was 3p higher on 258p, CRH gained 5p to 822p, Independent was 15p higher on 385p and Smurfit added 3p to 198p although Kerry went against the trend with a 4p fall to 751p as news on Dalgety is awaited by the market.
Tullow - which fell after its latest drilling results - recovered 5p to close on 163p.
