Market fails to build on rally but ekes out gains

Market Report: The market failed to build on Thursday's rally yesterday, despite doing its best to storm ahead in early trade.

A morning gain of about 1.5 per cent was thus reduced as the day progressed and transformed into an improvement of just 0.1 per cent by the end of the day. Dealers said the Iseq's strength had been dissolved by market weakness in the US and Europe.

The result was that most stocks ended mildly positive, with the financials all managing to build on the gains of the previous day.

AIB stood out by gaining 1.4 per cent, or 25 cent, to close at €18.40. Bank of Ireland added 15 cent to finish at €14.15.

Anglo Irish rose by 1 cent to €11.28 while Irish Life & Permanent, which is due next Friday to update the market on trading, moved five cent higher to €18.00. FBD climbed by a 115 cent to €35.35.

CRH had a poor day against this backdrop, falling by 39 cent to €24.11 amid international weakness in the sector.

Kingspan added 9 cent to finish at €12.90, while Grafton dropped by 25 cent to €9.50.

C&C was a good mover, adding 8 cent to close at €6.70. The move came in the wake of Thursday's share sale by BC Partners, suggesting that the placing was oversubscribed.

Paddy Power also had a positive day, finishing 30 cent stronger at €12.80 amid renewed rumours that Greek betting company Opap could be looking at expansion abroad.

Elan lost 25 cent to end the session at €12.65, thus giving up a portion of the previous day's gains. Greencore was also weak, closing six cent lower at €3.70 despite news of rezoning of its lands in Carlow.

Glanbia, which has sold five of its branches for €2.41 million, rose by eight cent to €2.33.

Tullow provided some news after saying it had discovered more gas-bearing sands in the North Sea but had not found hydrocarbons in offshore Equatorial Guinea. Shares traded up in London, closing 3.25p higher at 323.75p.