Bank shares prove popular with AIB gaining the most

Market Report: Business was brisk in Dublin yesterday as upbeat GNP data both in the Republic and the United States fuelled sentiment.

Settlement Date: November 4th

However, a portion of early gains were taken back as nerves set in towards the close of trade.

The banks, in particular, proved popular, with AIB, Anglo Irish Bank and Bank of Ireland all showing gains in substantial volumes. AIB notched up the biggest gains of the day, rising 13 cents to €12.70, though business was heaviest at Bank of Ireland. It saw more than 5.6 million shares change hands, climbing two cents to €10.55, some way off its session high of €10.62.

Anglo Irish was busier than AIB but climbed just three cents to €10.28, with the share seemingly rangebound for now between €10.20 and €10.30.

Irish Life & Permanent consolidated Wednesday's gains, though trade was lighter than in the other financials. It closed five cents stronger on €12.20.

Among the industrials, the leading shares were also active, with CRH surging through the €16 mark to hit €16.06 before retreating to close just two cents ahead on the day at €15.82.

Ryanair and Independent News & Media each had another good day adding seven cents to €7.10 and three cents to €1.92 respectively.

Elan's share and bond offering was positively received with the share dropping 23 cents to €4.47 in Dublin trade, less than had been expected, given that the offering will dilute existing holdings by about 10 per cent.

Irish Continental Group rose three cents to €9.95 as the company announced it had been back in the market mopping up stock. It bought 100,000 shares at €9.92 on Wednesday, while IAWS was seven cents firmer at €9.20 following activity by senior executives in the market in recent days.