CRH drives index while banks give up some recent gains

MARKET REPORT: Shares marked time in Dublin yesterday, recovering some early slippage in the afternoon as US markets opened up. Traders expect further advances today on the back of the US rally.

Settlement Date: October 24th

CRH was the main driver for the index, which closed up 0.36 per cent or 14.5 points at 4,055.92. The building materials giant is benefiting from good international demand following a roadshow to ease fears about asbestos litigation that knocked the share back three weeks ago. The stock was ahead 45 cents or 3.4 per cent at €13.70.

Elsewhere, there were solid volumes in the big banks, both of which gave up some of their recent gains. Bank of Ireland was down 11 cents on €10.44 while AIB gave up three cents to €13.02. In a market where traders said there was now a fairly even split among strategists between bulls and bears, traders said there was good two-way trade in both shares.

Other financials followed the trend, with Irish Life & Permanent slipping six cents to €11.95 and Anglo Irish Bank back three cents on €6.15.

News that Mr George Soros might be interested in investing in Independent News & Media was enough to push the share ahead by eight cents to €1.45.

That apart, the only serious volume among second-line stocks was in Fyffes, where international interest added three cents to its price, bringing it to €1.43.

Galen was unchanged on €6.40 in Dublin after announcing FDA approval for its HRT therapy. In London, where the stock has its primary listing, Galen moved ahead 7.45 per cent to 432.5 pence sterling.