Market Report

The market held up well against a weak European background yesterday, gaining 1.14 per cent on the back of strength among the headline stocks.CRH continued to climb in rather dramatic fashion, closing 25 cents higher at 15.45 as the market concentrated on the company's resilience against a challenging economic backdrop.

A positive research note from Goodbody Stockbrokers may also have influenced the rise, which bucked the trend for the European construction sector. The stock saw heavy trade, with almost 3.5 million shares changing hands.

The two main banks were also firmer yesterday,as both domestic and international buyers made their presence felt. AIB gained 40 cents to close at 12.70, while Bank of Ireland added 13 cents to finish at 10.20. Dealers said investors had decided that the stocks offered good value at current levels. Bank of Ireland confirmed, meanwhile, that it had continued its buyback on Wednesday with the purchase of 350,000 shares at 10.07.

In other financials, Irish Life & Permanent failed to catch the upward drift, dropping seven cents to 9.65. Anglo Irish was three cents stronger at 7.93, while First Active lost one cent to close at €4.64.

In other stocks, Waterford Wedgwood had a good day, closing three cents higher at 28 cents as almost five million shares were traded. Dealers said the market's attitude towards the stock may be shifting.

Glanbia closed four cents higher at 1.70 as investors digested the firm's latest US expansion plans. United Drug gained 25 cents to end at 14.50 after shareholders approved a share split which will take effect next week. Elsewhere, the market said goodbye to UK-based firm Premier Oil, which relinquished its Irish listing after a quiet seven-year presence.