Banks are main targets as Iseq enjoys steady gains

Financial stocks were the main targets as buyers pushed the Dublin market over the 6,800 barrier for the first time in six weeks yesterday.

In what traders described as a "scrappy day", banks were up in general in line with European peers. AIB and Bank of Ireland both added around 1 per cent with AIB closing on €17.36, up 18 cent, and Bank of Ireland, which reports interim figures next week, finishing 12 cent stronger on €13.02.

Anglo Irish Bank, which publishes what are expected to be very strong results for the first half a day ahead of Bank of Ireland, was the best performer in the sector, ending the week on €11.23, a gain of 18 cent or 1.6 per cent on the session. Irish Life & Permanent was 25 cent stronger on €15.55.

Eircom, which last night learned it had won Competition Authority approval for its acquisition of Meteor, rallied yesterday after being hit by concerns over the commitment of suitor Swisscom on Thursday. The Meteor news came too late for the market but the stock still bounced five cent to €2.26.

Paddy Power, which shed 22 per cent of its value following a shock profit warning on Thursday, had a quieter day, though it did slip another three cent to €10.37.

Elan got a fillip from news that it had won priority review for a return to market by its MS drug Tysabri. The shares, which trade largely in the US, were 15 cent firmer in Dublin on €9.

Elsewhere, Fyffes came under pressure as investors come to terms with the fear that a less advantageous EU tariff regime will come into force early next year. The shares were off 3.7 per cent on the day, closing at €2.10.

C&C, which has struggled for momentum recently, also lost ground. It was six cent weaker on €5.19.

Independent News & Media saw reasonable interest but closed unchanged on €2.28.

CRH and Ryanair ended the week on an upbeat note, adding 21 cent and nine cent to €22.56 and €7.37 respectively.