Upgrades from HSBC did not prevent the two big banks weakening on the Dublin market yesterday, with the general market weakness generating low-volume selling on both stocks.
HSBC has started coverage of Bank of Ireland with a "buy" rating and a €11.30 price target and has given AIB an "add" rating and a price target of €14.10. Both stocks were weaker yesterday, however, with AIB down 27 cents on €12.56 while Bank of Ireland was four cents easier on €9.48.
CRH brought its recent profit-taking slide to a halt and dealt up nine cents to €18.43 although Eircom drifted two cents to €2.79 on lack of news. Galen lost 15p in London to 870p sterling as it emerged that ABN Amro had placed about £30 million worth of directors' shares with Irish and British institutions.
Irish Life and Permanent was 13 cents higher on €12.98 as Moody's gave the TSB deal its thumbs-up and confirmed Irish Life's ratings. Moody's said that the takeover should broaden and strengthen Irish Life's banking business and increase its share of the retail savings and current accounts market as well as consolidating its position in the mortgage market.
Datalex was unchanged on €6.20 as CSFB began coverage of the stock with a "buy" recommendation and a 12-month price target of €9.00.
Independent gained 10 cents to €2.90, Kingspan remained well-bid and closed a cent higher on a new €3.81 high in volume of 1.6 million shares.
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