The ISEQ closed up 0.19 per cent yesterday, buoyed by industrial stocks, while financial ones, despite the sector doing well internationally, lagged behind. Banks and other stocks in Europe were up on the news that Industrial Bank of Japan, Dai-Ichi Kangyo Bank and Fuji Bank would join to create the world's first trillion-dollar bank.
AIB finished a disappointing week down 2 per cent on last Friday, and down five cents yesterday to #11.70 (£9.21). However, confirmation that the bank has been excluded from the Euro Stoxx 50 index has not affected it, according to one dealer. "The big trading happened some weeks ago. There is no more residual negative sentiment and the shares should trade on their merits," she said.
Bank of Ireland was back 10 cents to #8.35 (£6.58) in what was described as sellers operating in a thin market.
Telecom Eireann recovered three cents from Wednesday's all-time low, although it is still early days for the stock. "No one knows where it is going to settle in terms of a rating against the sector," one dealer said.
Yesterday's buying interest was concentrated on CRH, which was up 30 cents to #19.55 (£15.40), while profit-taking in Smurfit meant that it eased back three cents. Clondalkin held to its #8.40 (£6.62).
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