Strong world markets help elevate most leading stocks

Iseq:3,014.04 (+42.08) Settlement date:November 12th

A FURTHER strong performance on world markets fed through to Dublin yesterday, lifting most of the market’s leading stocks.

Dealers said a good close in Asia overnight had a welcome knock- on effect on Europe, which continued as New York opened, helping to guarantee a strong finish for the overall market. The banks were big beneficiaries and continued to regain ground after their recent drubbing.

AIBwas up 5.67 per cent at €2.03, breaking back through the €2 barrier. Just over 2.9 million shares were traded in Dublin, with plenty of interest at the buyers' side. Bank of Irelandalso broke through the same barrier to end the day 3 per cent ahead at €2.05, with 3.5 million shares changing hands.

Their rival Irish Life & Permanentlagged them in terms of gains slightly, but still added 1.63 per cent to close at €4.98.

Dealers said a flat performance by Ryanair, which accounts for more than 10 per cent of the index, helped to explain why the Iseq ended the day behind its peers. The low-cost airline was unchanged at €2.91. However, Aer Lingus, in which it holds a stake, gained almost 10 per cent after publishing quarterly figures showing revenues were down almost 15 per cent, but passenger numbers were up 7 per cent.

The market's biggest stock, building materials giant CRH, which accounts for more than 30 per cent of the index, was up almost 2.6 per cent at €17.90.

Dealers said it hit €18 at one stage during the day, but finished slightly weaker.

Another industrial, Smurfit, was again popular, reaching past the €6 mark during the day before finishing 3.51 per cent up at €5.90.

Housebuilder McInerneywas one of the few fallers, down 2.86 per cent at 17 cent. Builders' merchant Graftonfell almost 4 per cent to €3.38.