A Strong early session in Wall Street, propelled by buoyant IBM results, powered the European markets yesterday and were the signal for a rally in bank shares on the ISEQ after their under-performance in recent days.
AIB, which made it on to Morgan Stanley Dean Witter's list of 15 best-performing financial stocks in the last three years, gained 40 cents to €15.10 (£11.89), and Bank of Ireland was 70 cents ahead at €19.10 (£15.04), both stocks trading in high volumes.
Irish Life & Permanent, on its second day of trading as a merged entity, was back 5 cents to €14.10 (£11.10), although dealers said trading would be subdued until new share certificates were issued. The industrials took a breathing space after their recent performance. Profit-taking in building materials company CRH meant it slipped from Wednesday's record high, closing down 60 cents to €18.30 (£14.41).
Smurfit, whose US associate, Smurfit Stone, reported an $88 million (€83 million) loss for the first quarter, partly reflecting restructuring costs, was 6 cents back at €2.43 (£1.91). But Clondalkin was up 20 cents at €6.60 (£5.20).
Other second-liners also continued to be in favour and property stocks, especially after the European Central Bank rate reduction, compared well with their British equivalents, dealers said.
Green Property continued its rally, up 5 cents at €5.65 (£4.45). Bank of Ireland Asset Management declared an 11.06 per cent stake in the stock. Ryan Hotels is being seen as good value in comparison to Jurys. Ryan was up 11 cents to 94 cents yesterday (74p). Auctioneers Sherry FitzGerald were up 10 cents to €2.10 (£1.65).
On the Nasdaq, pharmaceutical company Elan was up almost 3 per cent to $65.875 (€62.13) by the close of the Irish bourse. Technology companies have seen a revival in their fortunes after a recent rollercoaster ride. Iona was up 3.29 per cent at $19.625 (€18.51).
