THE Irish market pushed ahead quietly to another new high yesterday, and closed just short of the landmark 2300 level on the ISEQ. Trading, however, was relatively thin and the 11-point rise in the ISEQ reflects another good day by Smurfit and a sharp rise on Wall Street by Elan following the FDA ruling on Naprelan.
The ISEQ is adjusted to reflect New York trading in high capitalisation Elan and the $1.87 rise to $50.68 on Monday night was a major factor in the rise in the ISEQ. That and a 4p rise by Smurfit to 164p were the main features on a day when most of the financials took a breather.
Among the financials, Irish Permanent bucked the weaker tone in the sector and gained 5p to a new high of 400p while AIB recovered from some early weakness to close unchanged on 354p. Bank of Ireland lost 2p to 460p, Irish Life was 2p easier on 249p while Woodchester lost 1p 175p. Elsewhere DCC continued its good start to 1996 and added another 4p to 219p while something significant may be afoot at Ovoca as it added another 2p to 12p after beginning the week at 7p.
The main feature on the gilt market was a £75 million tap off the five-year gilt which saw good demand. The tap was four times subscribed - a good response, given a weaker tone on American and European bond markets. There were some vague reports that another tranche might be issued by Ulysses, the special purpose vehicle floated last month to securitise £140 million of local authority loans.
