The Irish market shook off the early losses on Wall Street and an indifferent day on European markets to close further ahead and the ISEQ ended on a new closing high. There are some indications, however, that the current bull run may be running out of steam and that the Irish market cannot indefinitely ignore weaker international markets.
The main item of corporate news was fourth-quarter and full-year results from First Maryland. Depending on the analyst, these were either in line with, or ahead, of forecasts, but they were sufficient to push the AIB share ahead 7p to 735p, while Bank of Ireland went in the opposite direction, losing 8p to £11.12.
The next big corporate news is fourth-quarter and full-year figures from JS Corp today. The Q4 earnings figures are expected to be poor, with earnings per share (EPS) of just 3 cents compared to 14 cents in Q4 1996.
But dealers expect a cautiously upbeat trading statement, with full-year EPS in 1998 expected to be around $1 a share. This expectation contributed to a 55/8p gain by Smurfit yesterday to 209p.
Elsewhere, the performances were mixed and CRH lost 10p to 865p despite being added to Goldman Sachs's "market outperformer" list. Arnotts continued its strong run and closed up 20p on a new 630p, finishing higher after earlier hitting 650p, while Clondalkin gained 8p to 655p.
Irish Life was 5p easier on 455p on profit-taking while Irish Continental - the focus of hefty 1998 upgrades - gained another 25p to £10.25.
Kingspan was 10p higher on 300p. Tullow did not trade from its overnight 176p, despite speculation that announcements on Senegal drilling and Bangladesh licences are imminent.
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