WITH a benign set of producer prices figures in the US giving encouragement, stock markets put in a solid performance yesterday. The Irish market benefited from the strong performances in New York and London and closed only a few points off its previous all time high.
There was nothing spectacular in yesterday's dealings, just steady gains across the board. AIB was up 4p on 340p while Bank of Ireland eased ahead 1p to 451p. Among the industrials, CRH gained 3/4p to 5763/4p while Smurfit was unchanged but drawing bids on 175p.
Among second liners there were mixed fortunes with Independent falling 8p to 530p on some concerns about the impact of the falling rand on its South Africa earnings. Last year, South Africa was responsible for almost a third of Independent's operating profits and a plummeting rand down 17 per cent on the beginning of the year may lead to some analysts reviewing their forecasts.
Anglo Irish Bank was 1p higher on 64p on upgradings after its good interim results, IAWS hit a new high of 156p a gain of 2p on the day While Kerry was in demand and closed up 5p on 600p.
Among the explorers, the arrival of Mercury Asset Management as a major investor pushed Ivernia up 6p to a new high of 86p while Tullow also hit a new high of 863/4p a rise of 23/4p and an indication of the strength of demand for the shares. Navan was also in demand and closed up 12p on 199p.
