Industrial stocks set the pace as shares continue to push ahead

SHARES in Dublin continued to push ahead, with the leading industrial stocks showing the way.

The major piece of corporate, news came from Adare which announced that Microsoft plans to phase out its purchase of computer manuals from Adare's subsidiary, Mount Salus. The result was a drop of 55p in Adare shares to 470p.

Some investors were very concerned about the news, explained one broker. However, a reversal of the size seen yesterday was not completely unexpected given the extent to which Adare shares have run ahead of the market, he added.

Goodbody Stockbrokers said that it was cutting its forecasts for pre tax profits in the year to the end of April 1997 from £9.75 million to £9.15 million.

Otherwise attention focused on CRH, up from 620p to 641 1/2p, and Smurfit, up 5p to 170p. AIB pushed ahead 1p to 337p, while Bank of Ireland was unchanged at 443p.

Greencore moved ahead 3p to 325p, benefiting from a buy recommendation put out by ANB Amro Hoare Govett. The broker is predicting earnings growth of more than 10 per cent a year for the next three years, due to organic growth, share buy backs and acquisitions. They are forecasting pre tax profits of £53 million in, the current year and £59.4 million next year.

Other corporate news included the announcement by IAWS that, the Irish Agricultural Wholesale Society had agreed to reduce its holding below 50 per cent. The outcome of yesterday's general meeting to decide the issue had, been anticipated and there was no change in the share price of 162p.

Agribusiness groups generally remain active on the back of the renewed talk of rationalisation in the industry. Golden Vale was 1p firmer on 67p.

Seafield announced its results for the year to the end of last December showing a post tax loss of £3.6 million. The shares were unchanged at 10p.