Market Report: A strong performance from the financials helped the ISEQ to outperform its European peers yesterday, with the market as a whole closing 0.6 per cent higher.
Settlement Day: October 17th
AIB had a particularly good day, with 3.3 million shares traded as it rose 22 cents to 12.52. The bank told the market that it had purchased 500,000 of its own shares on Monday, paying 12.40 per share. The shares will be held as treasury stock.
Bank of Ireland climbed seven cents to 10.35 on volume of 5.5 million shares. An upgrade from Merrill Lynch offered a boost to Anglo Irish, which closed 10 cents stronger at €9.90. Goodbody meanwhile said Irish Life and Permanent was its "top pick" of the Irish financial sector because of its potential to provide a positive "earnings surprise". The bancassurer finished one cent weaker at 11.45 last night.
In the main industrials, CRH built on Monday's gains by rising 28 cents to 16.49. Investors took comfort from a positive trading statement delivered by the firm's US peer, Vulcan.
Ryanair closed 10 cents lower at 6.58 after trading up to 7.35 earlier in the day on the back of more media reports on a probable compromise ruling on Charleroi.
Fyffes rose on worries over a disease that appears to be threatening Ecuador's banana crop and could thus lead to higher banana prices. The stock added two cents to close at €1.60 after climbing to 1.69 in earlier trade. Some 1.2 million shares changed hands.
Elan rose five cents to 4.80 as investors looked to an update due today on a trial on Antegren for Crohn's disease that failed earlier this year. A report from Elan's broker, Davy, suggested that the stock could offer "trading opportunities" before the end of the year.
Meanwhile, volume was heavy in Providence Resources, with almost 750,000 shares traded as the stock rose two cents to 22 cents.
