Upgrade for financials drives solid performance

Market report: The Irish stock market advanced by nearly 1 per cent yesterday as a good buying interest across the board helped drive the ISEQ index higher.

"We are seeing very solid interest in the whole market," one dealer noted. "World markets are up and everybody is buoyed up by that."

Upgrades from Merrill Lynch for both Anglo Irish Bank and Bank of Ireland helped drive the performance of the financial stocks. More than three million Anglo shares were traded as it added 19 cent to €11.45 while Bank of Ireland closed 22 cent higher at €13.12. AIB also benefited, gaining 18 cent to €17.90 while Irish Life & Permanent closed 10 cent higher at €15.40 ahead of what are expected to be a good set of interim results later today.

Building materials group CRH was another strong performer, adding 41 cent or 1.8 per cent to €23.25 as investors responded to the company's roadshow.

C&C also continued its recent advance, finishing 10 cent higher at €4.70 while more than 7.5 million Eircom shares changed hands in Dublin as the stock continued to enjoy good interest, closing seven cent or 3.6 per cent higher at €2.01.

Jurys was one of the main features on the day as more than four million shares were traded.

However, a less than sparkling set of first-half results were not the main focus of attention at the hotel group. Instead, all eyes were on a bloc of 2.3 million shares, representing 3.6 per cent of the company, which changed hands at €18.25 in the course of the day. It is understood that members of the Doyle family were behind the purchase, after which the stock advanced further to close the day at €18.35, a gain of 35 cent or nearly 2 per cent.

There were a few negatives on an otherwise positive day, however. Paddy Power remained under pressure, shedding a further 30 cent or 2 per cent to €14.05 while Kingspan lost 16 cent or nearly 1.5 per cent to €10.80 despite a raft of upgrades in the wake of Monday's first-half results.

Settlement Day: September 9th