Market Report

Shares resisted the downward trend seen elsewhere, closing modestly higher following a good performance from financial stocks…

Shares resisted the downward trend seen elsewhere, closing modestly higher following a good performance from financial stocks.

Dealers said AIB got off to a "perky" start following news of its inclusion in the FTSE Eurotop 100 index, which should provide some technical support for the shares. The bank also announced that it began its latest share buyback programme with the purchase of 2.5 million of its shares on Thursday at a price of 12.51 per share. The stock closed 12 cents higher €12.72.

Bank of Ireland also added seven cents to €10.57. It announced it had bought back 750,000 shares on Thursday at 10.51.

Elsewhere in the sector, Anglo Irish Bank failed to breach the 8.00 level it has been flirting with for some days, closing five cents lower at 7.90. Irish Life & Permanent had a good day, closing 15 cents higher at 10.25.

READ MORE

Elan shares added 13 cents in Dublin to €7.03 following news that the company had bought back more of its convertible bonds. But Galen lost 45 cents to €7.98, hit by weaker sentiment in international markets.

Among secondline stocks, Jurys continued its recent advance, adding 18 cents to 8.15 but Kingspan gave up some of Thursday's gains, closing eight cents lower at €2.67 despite further moves aimed at strengthening its board.

Waterford Wedgwood edged up slightly, to €0.219 from 0.21, as NCB maintained its hold recommendation on the stock while warning it saw further significant risk to the dividend and did not rule out an issue of shares or convertible stock.