Market Update: Main financials rebound after weakness

The main financials rallied this evening after being a little weak earlier in the day

The main financials rallied this evening after being a little weak earlier in the day. The volume of trading in the Bank stocks is said to be strong in front of earnings due out next month.

The overall index remained relatively unchanged at 5,650.91, up 17.05 points on the day.

The Bank of Ireland was up 14 cents to euro 10.00 while the Irish Life & Permanent was up 7 cents to euro 12.12. The exception was AIB which failed to rebound ending the day 15 cents down euro 12.85.

Eircom shares fell some 3 per cent today on the back of a general lull in European telecom stocks following Orange's poor IPO price. The stock was trading at euro 2.46, down 6 cents this evening.

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Positive market sentiment was said to be behind a 14 cent rise in Horizon Technology which was trading at euro 7.42 by late afternoon.

Elsewhere CRH was down 4 cents to euro 18.75, Elan was up 50 cents to euro 52.75 while Grafton was down 65 cents to euro 27.05.

Independent News & Media was up 2 cents to euro 3.10 while the ITG group continued rise to be trading at euro 8.95 up 17 cents.