Solid gains by the leading financial shares were the main factor in the modest gains by the Irish market. But most of the leading financial and industrial shares were well-supported and there is reason to believe that the market can continue to push ahead.
There were no huge volumes in either of the big bank stocks with just over a million shares of both AIB and Bank of Ireland. AIB gained 10 cents to #13.33 while Bank of Ireland was 12 cents higher on #11.92.
Among the industrials, the star was CRH which rebounded from some early weakness where it fell as low as #11.85 before closing 57 cents higher on #20.60. Ryanair was another to recover from some early selling when it fell to #11.70 before closing 12 cents easier on #12.05. Almost 4.5 million Ryanair shares traded in an unusually busy day for the stock. Smurfit had its best day for some time and rose as high as #2.40 before it ended 12 cents higher on #2.36 in turnover to 4.6 million shares. There was vague talk of a Smurfit Stone approach for Smurfit as a reason for the large volumes but this was played down by brokers.
Baltimore and Parthus remained in the market doghouse after peers of both companies posted profit warnings. Parthus fell 5p to a new low of 48 1/2p sterling while Baltimore was 1p weaker on 26 1/2p sterling.
If Parthus was not so tightly held it would undoubtedly be seen as a takeover target at these levels.
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