Upgrades for Abbey as it posts bumper results Una McCaffrey

The market powered ahead along with the rest of Europe yesterday, as investors took confidence from yet more positive trading updates.

The charge was led in early trade by Abbey, which was treated to a round of upgrades after posting bumper results. Shares in the company were up 90 cents at €8.20 by the close, although volume was low as sellers proved hard to find.

Trade was much more active in fellow housebuilder McInerney, which climbed 30 cents to close at a new all-time high of €5.15, amid bullish sentiment on the sector. The positive mood also spread to Heiton, which finished 16 cents stronger at €4.36 as the market looked to its exposure to the UK construction market.

The company was again boosted by a strongly positive trading update from fellow merchant Grafton, which itself shed five cents to close at €5.80 after a week of good gains.

The banks were well supported throughout the day, with AIB performing particularly well as sentiment on Irish banks looked to be turning. The bank finished 39 cents stronger at €13.14, having last passed the €13.00 mark in September. Bank of Ireland meanwhile rose 15 cents to €11.05, while Anglo Irish added seven to finish at €12.65.

Irish Life & Permanent was unchanged at €13.05. IFG was in fine form as it rose eight cents to €1.18 on healthy volume. FBD finished at €14.20, up 24 cents.

Dealers reported healthy two-way trade in Greencore, which continues to attract takeover speculation. Some three million shares changed hands in the stock yesterday before it closed at €3.64, up almost 5 per cent. Elan built on Thursday's gains with a jump of 41 cents to €6.36. Dealers said the firm was starting to feature on institutional radars after a long break. United Drug rose one cent to €2.30 on good demand.The most notable loser on the day was Viridian, which fell 39 cents to €7.99. Fyffes was another underperformer as it lost five cents to close at €1.65.

Dublin Report

Settlement Day: January 13th