Profit-taking in London and New York failed to take the gloss off the Irish market, but the chances are that the market may be hit by some profit-taking today. Even after-hours trading yesterday saw some weakening, with market heavyweight AIB slipping in late trade.
From its overnight €15.55, AIB hit a high of €15.90 before slipping back in the after-hours session and closing on the sterling equivalent of €15.65 (£12.33), a gain of 10 cents on the day. Bank of Ireland was 30 cents weaker on €19 (£14.96), although Hibernian was 25 cents higher on €9.45 (£7.44).
Industrials were their usual mixed bunch, but the tone among secondliners was firmer, with a number of stocks benefiting from strong full-year results.
Green, which had risen sharply ahead of yesterday's results, jumped 38 1/2
cents to €5.78 1/2 (£4.56), while Clondalkin jumped 40 cents to €6.50 (£5.12) after last week's well-received results.
Grafton continued its strong run and was up another 75 cents to €18.25 (£14.37), bringing its rise this week to €1.45. There is a view in some sections of the market that Grafton is a potential bid target from overseas given the recent arrival in the Irish merchanting market of British giant Wolseley.
Irish Continental was 30 cents higher on €12 (£9.45), Jurys jumped 25 cents to €7.25 (£5.71) with the market paying little heed to suggestions of outside buyers for Doyle Hotels. Kerry was 20 cents higher on €11.80 (£9.29) ahead of results.
On Nasdaq, Esat's $57 million (€51.6 million) spending on more Digifone shares had little impact, with the shares trading marginally lower in small volumes.
