THE Dublin market closed on a new high, pushed ahead by strong international equity markets, a recovery on bond markets and a strong technical position of plenty of bids and few offers. Barring any weakness in New York after the Irish market closed, dealers expect further gains next week.
Financials finally bounced back after their recent bond related, weakness although AIB was down 1p on 332p. Bank of Ireland closed 3p higher on 441 3/4p.
Industrials were also firm, and, CRH moved ahead 5p to a new high of 537p ahead of next Tuesday's results. Independent, due to report soon, also jumped 15p to a new high of 430p.
The recent takeover flurry has focused attention on second liners and Clondalkin was 12p higher on 422p, boosted by a Goodbody "buy" recommendation. DCC was 3p higher on 235p while Fyffes gained 4p to close on 108p. Greencore, however, was one of the few to buck the upward trend, and lost 5p to 573p. The shares split in two on Monday.
Smurfit has begun to trade in a narrow range and closed 1p down on 153p after opening at 152p. Waterford Wedgwood was 1/1p, firmer on 621/2p while Adare gained 5p to 425p.
Gilts prices rose across the curve, but the market still under performed Britain. This may provide some scope for gains next week. The £100 million auction of five year variable rate stock was covered 1.38 times a reasonable but by no means ecstatic, response.
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