DUBLIN REPORT:ALTHOUGH SLIGHTLY underperforming other European markets but still closing up 2.75 per cent, the Iseq enjoyed an early-morning bounce yesterday, as equities trading reflected Monday's revised offer by JPMorgan Chase for Bear Stearns and decent US housing figures, writes Laura Slattery.
Analysts worried over the Easter break if the massive rally at the end of last week could be sustained, and although markets dipped in the afternoon, in line with lower-than-expected US consumer confidence, it was still an all-round positive day for the Dublin market.
After bumper volumes last Thursday, another massive amount of shares - almost 35 million - were traded in Independent News & Media.
The company, which publishes its full-year results tomorrow, continues to be targeted by businessman Denis O'Brien, and its share price rose 9.5 per cent yesterday to close at €1.75, up 15 cent.
Ryanair climbed 8.7 per cent as oil prices eased back from last week's highs.
The stock closed at €2.99, up 24 cent, although NCB stockbrokers cut its price targets and earnings-per-share forecasts for Ryanair because of what it called "an intensifying oil-price challenge".
Among the financials, Anglo Irish Bank led the way, recovering another 11.5 per cent to close at €8.75, up 90 cent. Irish Life & Permanent was not far behind, with a 9 per cent surge, leaving it up €1.06 at €12.75.
Very few major stocks fell, but Elan slipped 6 per cent in the wake of news last week that the European Medicines Agency might require it to add warnings about liver-injury risks on its multiple sclerosis drug Tysabri, following a similar move by the US Food and Drug Administration earlier this year.
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