SHARES continued with their relentless gallop ahead with the market capitalisation rising above the £17 billion mark for the first time. Virtually all shares moved northwards in their quest for continued new heights. This healthy hue was reflected in yet another new high for the ISEQ index.
Crean, ex-Inishtech, moved out of hibernation with an acquisition. This impressed the market and the shares put on 8p to 243p.
The banks were positive also. AIB improved by 5p to 336p while its main rival, Bank of Ireland, added 2p to 446p.
Going against the recent trend of good recent results from second liners, Unidare surprised the market with its profit warning. Investors were expecting restructuring costs but pressure on profit margins is something else.
The Unidare shares did not trade. But when they do they will move south. With a guide price of 220p to 250p, the drop will be severe enough.
Good demand continued for the food shares. Avonmore jumped ahead by a nice round 6p to 150p, Golden Vale managed a 1 1/2p improvement to 79 1/2p but they had been 80p earlier, Greencore increased by 2p to 297p, Kerry saw a 5p improvement to 540p and Waterford Foods was in sprightly, mood putting on 9p to 112p.
Takeover rumours that a bid was being mounted for Tullow Oil pushed the shares to an all-time high of 75p in London and they added just 1p to 75p in Dublin. The rumours were vigorously denied by the company which said there had been no approach. The rumours may have been designed to push the shares up.
CRH was 3p up at 548p. The shares have been recovering since the slide this week after the warnings that profit growth is Unlikely to be as good this year as in 1995. Smurfit was listless. In a number of moves it just managed to add 1/2 to 152 1/2p.
