Smurfit, Eircom trading boosts buoyant market

The stock market put in a busy day yesterday with good volumes traded. The ISEQ closed more than 52 points stronger at 5,966.77.

Smurfit showed good two-way trading, with more than six million shares changing hands. Despite better-than-expected results, concerns about earnings going forward due to the company's exposure in the US held back the share price.

But the stock, which had traded down in the past few days, ahead of yesterday's figures, rallied somewhat at the end of the day to close five cents stronger at €2.02 (£1.59).

Also showing good volumes was Eircom, with more than 3.5 million shares traded. It closed three cents up on the day at €2.50, bucking the general trend in European telecom stocks that saw the European telecoms index drop 1.5 per cent and the UK telecoms index retreated 3.5 per cent on the back of another poor day for Vodafone.

Financials had a mixed day. Despite starting the day strongly, AIB slipped back on moderate trading to close two cents weaker at €12.08, ahead of its results tomorrow.

Bank of Ireland had a good run, breaking the €10 barrier, to finish 15 cents stronger at €10.12. Anglo Irish gained eight cents to €3.80, while First Active nudged five cents higher to €2.45 on light volumes. Irish Life & Permanent was unchanged at €12.90.

CRH had a good run, gaining significantly on the day. With nearly 2.5 million shares changing hands, it surged ahead to close €1.05 stronger at €20.50. Ryanair was ahead slightly on thin volumes picking up 15 cents to €12.25.

IWP also saw unusually large trading with 2.5 million shares changing hands in one deal, which helped push the price up three cents to the €2 mark.

As the Irish market closed, Irish tech stocks were having a mixed day on the Nasdaq. Baltimore was down 3.95 per cent at $9.12, Trintech was trading down 0.86 per cent at $7.19, while Iona was 0.11 per cent stronger at $58.06. On the New York Stock Exchange Elan was 0.17 per cent stronger at $54.59.