Market Report

The stock market gained 1.25 per cent yesterday, lifted by a strong performance from financial stocks in particular on the back of upbeat first-quarter results from the banking sector in the US.

A rally by UK banking stocks, with insurers such as Aviva, Prudential and Friends Provident enjoying a good day, also lent support to the sector in Dublin.

Bank of Ireland was the star performer on the day, adding 26 cents, or more than 2.5 per cent, to 10.40.

But AIB also made solid gains, rising by 14 cents to €13.26 while Anglo Irish Bank was up 11 cents to 6.66. Irish Life & Permanent added eight cents to 9.88 while FBD gained 30 cents to 6.20.

Outside of the financial shares, other stocks turned in a more mixed performance. CRH was up by 21 cents to 13.50 but Ryanair was more subdued, adding five cents to €6.70.

Dealers again reported good two-way trade in Independent News & Media where more than two million shares were dealt although the share price was unchanged at 1.33.

Galen Holdings had a good day, adding 14 cents to €6.44 but fellow Northern Irish group Viridian did not perform as well, losing 13 cents to 7.47.

Shares in Readymix, which has rejected a possible offer of €1.75 per share from the privately-owned Kilsaran Concrete, slipped back by 10 cents to 1.50.

More than 1.5 million Kingspan shares were traded as the stock added eight cents to 2.00. Elsewhere in the construction sector, Abbey added 10 cents to 4.50.