SHARE prices in Dublin recovered strongly, boosted by gains in London and the overnight recovery on Wall Street. But with the New York market moving weaker in later trading, yesterday's gains may be shortlived with the financials possibly weakening at the opening bell this morning.
The major financials benefited most from the bullish tone, with good overseas interests pushing both stocks ahead strongly. AIB closed up 13p on 498p while Bank of Ireland was also 13p higher at the close on 753p. Irish Life was 5p higher on 345p although Irish Permanent was 5p easier on 645p.
Among the industrials, bullish comments at the annual general meeting helped to push Independent up 10p to 340p while Smurfit was 2p firmer on 181p. CRH closed 5p higher on 665p, while Greencore was unchanged but firm on 335p.
The gilt market also closed weaker, against a background of weaker international bond markets, a comparatively weak response to the latest gilt auction and the late sell off of the pound on the currency markets.
With a five pfennig loss against the deutschmark and a fall to below 92p against sterling suggesting that interest rate pressure has returned, there were falls all along the yield curve, with the biggest losses as usual being felt at the long end of the market.
The benchmark long gilt fell 55p to close on a yield of 6.81 per cent, medium dated gilts were 43p lower on a yield of 6.55 per cent while the short end of the market was down about 20p on a closing yield of 5.88 per cent.
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