Stock edges up in light trading

Market report: The Irish stock market edged upward yesterday but trading was light with both the US and British markets closed for holidays.

AIB was the most active stock on the day, adding 17 cent or 1 per cent of its value to €17.15 as around 1.5 million shares changed hands.

The stock is being driven by the prospect of its inclusion in the Dow Jones Euro Stoxx 50 index.

Its entry will be determined by its share price at today's close and inclusion should boost the share price as tracker funds looking for exposure to the euro zone include it in their portfolios.

News that chief executive Michael Buckley is to retire at the end of June, making way for his successor Eugene Sheehy, came as no surprise and had little impact, dealers said.

Elsewhere, banking stocks were mixed, with Anglo Irish Bank closing 10 cent, or 1 per cent higher, at €9.70 while Bank of Ireland gave up five cent to €12.42.

Ryanair featured among the more active stocks yesterday, with 2.1 million shares traded ahead of the release of results for the 2004 financial year today.

The stock closed five cent lower at €6.25 as investors also considered the prospects of a share placing by key investors in the company, including chief executive Michael O'Leary.

Elsewhere in the transport sector, Irish Continental Group lost 10 cent, or 1 per cent, to €9.50 as the prospect of further industrial action continued to hang over the group.

Other movers yesterday included Elan, which finished 22 cent or 3.6 per cent higher in Dublin at €6.42 as it continued to benefit from the positive tone at last week's annual meeting.

Dealers said IAWS and Paddy Power are set to benefit from their inclusion in the Morgan Stanley Capital International (MSCI) Ireland index from the end of the month.

Shares in the bookmaker gained nine cent to €13.67 yesterday although stock in the food group lost five cent to €12.10.

CRH was ahead 10 cent at €20.80. Other movers included Fyffe's which added 2 cent to close at €2.30 and Independent News and Media, which was ahead 1 cent at €2.53. DCC closed down 5 cent at €16.30

Settlement date: June 2nd