Strong demand for the major industrial shares drove the market close to a new high, with Jefferson Smurfit benefiting from the 2.2 per cent overnight rise in the US packaging sector to close on a new high of 230p, a gain of 4p on the day. Apart from the general rise in the US paper sector, Smurfit's strong gains in recent weeks have been aided by a variety of factors - not just the expected restructuring at JS Corp. The rise in the US sector has been mirrored by the Scandinavian paper producers and Munskjo - Smurfit's 29 per cent associate in Sweden - has produced a bumper set of half-year results. Munskjo has reported half-year profits of 118 million kroner (about £10.7 million) - well ahead of forecast profits of 92 million kroner.
CRH was also in demand and jumped 13p to a new high of 745p, benefiting from gains in the British building materials sector and expectations that the group's German and Polish operations will be beneficiaries of flood repair work in the Oder-Neisse basin.
Waterford Wedgwood was 2 1/2p higher on 95p, also a new high.
Financial shares were little changed, with AIB up 1p on 616p while Bank of Ireland was down 4p on 636p in some sizeable trading. Irish Life and Irish Permanent were unchanged on 350p and 668p respectively.
The market's main focus over the next few days will be the retail sales figures in the US - always seen as a good barometer of the state of the American economy.
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