Iseq's performance in line with European trends

Market Report: An impressive performance by the banks, led by AIB, lifted the Iseq to a positive close yesterday. The market finished 1.6 per cent stronger, in line with trends across Europe.

AIB was the clear star of the show, with shares climbing at one point to the symbolic €20.00 mark. They closed at €19.94, up 72 cent on the day as investors rewarded them for Tuesday's results and analysts put in place a round of upgrades. Volume was heavy, with up to six million shares changing hands.

Anglo Irish moved up on solid business too, gaining 31 cent to finish at €11.70. Bank of Ireland added 30 cent to close at €14.26.

Irish Life & Permanent was fairly quiet, but demand for shares still pushed up prices, allowing the stock to rise by 35 cent to €18.50. FBD also climbed by 35 cent, closing at €37.35.

Liquidity issues helped valuations at IAWS too, with the stock ending the session 50 cent stronger at €14.90.

Kerry fared less well, shedding 28 cent to settle at €15.37, as the market wondered about the firm's plans for a possible acquisition of Birds Eye.

Ryanair moved ahead as the market digested Tuesday's solid first-quarter numbers and accompanying cautious guidance. Shares added three cent to end the session at €7.57. Meanwhile Merrion noted that the prudent company guidance was "appropriate".

CRH was a good performer, helped by Tuesday's news of a new Florida cement venture and another set of strong peer results. Shares rose by 58 cent to €25.78.

Paddy Power also did well, extending its run of gains by climbing 35 cent to €13.65. C&C was firm too, driven up by 29 cent to €8.40 on very decent volume.

Grafton added 28 cent to finish at €10.55, again on good volume. Kingspan climbed by 26 cent to €13.35.

On the negative side, Independent News & Media fell by three cent to €2.30 after a seller pushed prices down. DCC closed 25 cent lower at €18.70.