Market closes slightly higher with no sign of real movement

WITH little impetus coming from overseas markets, the Irish market meandered to a slightly higher close. Most of the action centred on specific stocks with no sign of any general movement one way or the other, and it will probably take some significant movement from major overseas markets to drive the Irish market.

Bank of Ireland - which completes the reporting season tomorrow with its full-year results - was 2p firmer on 453p although AIB drifted 2p lower to 338p.

There was hardly any movement in the major industrials, with Smurfit unchanged on 175p - Bank of Ireland Asset Management has been a recent buyer of the stock, picking up 350,000 shares last week to bring its stake to 15 per cent. CRH was just 1/4p higher on 577p.

The exploration sector saw some action, with Tullow up 3 1/4p to 90p on renewed speculation that a predator - possibly British Gas - is on the prowl.

Tullow's Pakistani operations would be an attraction for British Gas, but any bid for the Irish company would probably have to be pitched well above loop. Almost 2.5 million Tullow shares traded in London, with the share risings 3 1/4p to 93 3/4p sterling. Navan was another explorer to see some bidding, and the share closed up 10p on 209p.

Among second line industrials, DCC was the focus of some bullish weekend press comment in Britain and dealt up 2p to 250p, its flotation price of two years ago. Irish Permanent was up 2 1/2p to 383 1/2p, Norish dropped 3p to 67p after its dismal results, while Reflex fell 3p to 14p.