Market in calmer mood despite strength of overseas markets

AFTER the strong gains in huge turnover last Friday, the Irish market was in a calmer frame of mind yesterday, and failed to respond the seventh successive all time high in London and the early 100 plus gains on the Dow in New York.

But the market was generally firm and dealers said the usual lag effect will probably affect in Dublin, with share prices only rising sharply a day after major international markets have surged ahead. Most stocks closed in or around their overnight levels, but there were some good gains in specific cases.

Among the financials, a late deal at 740p left Bank of Ireland up the equivalent of 7p from the previous sterling price, while AIB was unchanged on 485p. Irish Permanent made some lost ground and closed up 12p on 635p, while Irish Life was unchanged on 345p.

Among the industrials, CRH was 1p easier on 677p although DCC benefitted from its better than expected results and jumped 13p to 348p. Upgradings for 1997 forecasts for DCC are now expected. Golden Vale was lp firmer on 65p as a management shakeup was introduced, while DCM newcomer ITG added 3p to 175p.

Gilt prices were generally firmer although trading was pretty thin with no big economic figures from home or abroad to drive the market. The market was, however, well supported especially at the longer end of the curve where 40p gains were notched up, pushing the benchmark long yield to 6.69 per cent.