Market report

Settlement Day: March 31st: A strong performance from the financial sector drove the market up by 1.42 per cent yesterday, with the main Irish names regaining much of Wednesday's losses.

Dealers said investors were focusing on an imminent start to AIB's share buyback programme, suggesting that the closure of the Allfirst deal in the US could provide the necessary stimulus. The stock closed up 43 cents at 13.18 last night, outpacing Bank of Ireland, which gained 23 cents to finish at 10.10.

Anglo Irish ended 27 cents higher at 6.62 as attention turned to results due for issue over coming weeks and almost two million shares were traded.

Elsewhere, most excitement was provided by Independent News & Media, which lost five cents to close at 1.20 after unveiling money-raising plans and mixed 2002 results.

Arnotts also dropped five cents after posting numbers for last year, closing at 12.45. As speculation mounts over a possible bid, Jupiter Asset Management upped its stake in the group from 4 to 5 per cent, while Scottish Provident reduced its holding to less than 3 per cent after disposing of 2 per cent of the company's shares.

Gresham was unchanged at 60 cents after posting unimpressive 2002 results.

Food stocks were reasonably weak on the day, with IAWS dropping eight cents to 7.50 and Glanbia shedding five cents to close at 1.20. Kerry was unchanged at 12.10.

Readymix gained two cents to close at 1.50 after 1.8 million shares changed hands. Fellow "special-situation" stock, Sherry FitzGerald ended 15 cents higher at 1.60 amid considerably quieter trade.