Market marches steadily higher while more gains seem likely

Modest prices in London and New York allowed the Irish market to push steadily higher and further gains seems likely in the next few days - bar a sudden fall in international markets.

Financial shares mostly moved higher and should remain well-bid over the next few months ahead of the completion of the Woodchester takeover which will release over £270 million to the Irish institutions who hold the minority Woodchester shares.

That cash should logically be invested in other financial shares and AIB, Bank of Ireland, Irish Permanent, Irish Life and Anglo Irish are all likely to benefit from the expectation that institutional cash for the Woodchester sale will head in their directions.

Yesterday, AIB was 5 1/2p higher on 579 1/2p while Bank of Ireland was 2p higher on 805p. Anglo Irish on 101p, Irish Life on 346p and Irish Permanent on 623p were all unchanged on the day, while Hibernian closed in a late deal on 414p sterling or 450p, a rise of 20p on the day.

Among industrials, CRH, boosted by heavy trading in London where 1.5 million shares traded, closed on 672p sterling or 738p, a rise of 13 1/2p, although Smurfit drifted 2p lower to 224p. Elsewhere, Kerry lost 13p to 745p in thin trading, while Avonmore- Waterford was 1p firmer on 281p after half-year results from its two constituents which were generally in line with forecasts.

Late next month, the fledgling DCM market will get its second listing when the recruitment group Marlborough joins with an expected market capitalisation of £20 million to £30 million.