Volumes light as dull overseas markets provide little stimulus

The Dublin market edged to close just above the ISEQ 5300 level, with the focus still on the financial shares, although volumes were comparatively light with dull overseas markets and zero corporate news providing little stimulus. Irish stocks on NASDAQ, however, had a good day with Esat, Ryanair, Elan and Icon all trading up handily.

Esat had an extraordinary opening session on NASDAQ and by the close of the market in Dublin the shares were up $23/4p to $413/4, a new high and an astonishing $10-plus over the price of the secondary share offering last month. Dealers said there was no single reason behind Esat's strong run in the past week other than a strong bid interest and a positive reaction by investors to Telecom Eireann's results.

In Dublin, financial shares were mixed but any gains were modest compared to the 20p-30p jumps of last week. AIB was just 2p higher on £10.63 after opening at £10.70 while Bank of Ireland was actually weaker, closing 8p lower on £15.30. Irish Permanent was the best in the sector and dealt up 20p to 900p while Irish Life was 3p better on 673p.

Industrials were also mixed with CRH 6p better at the close at the sterling equivalent of £10.43 while Smurfit was unchanged on 217p. Elsewhere Heiton was 5p firmer ahead of a result as Scottish provident disclosed that it was a recent buyer of 330,000 shares. Green was unchanged in 505p as AIBIM disclosed it bought 125,000 shares last week at 499p.

Avonmore Waterford gained 10p to 285p, Grafton was 24p lower on £17.50, while Independent remained a bit out of favour and closed down 3p on 367p. Ryanair dealt up 5p to 535p in Dublin but was trading firmly on NASDAQ and was up $13/8 on $373/4 as the Irish market closed.