Financials push up share values in strong activity

Market Report: The Dublin market edged higher yesterday in decent volumes with most of the gains driven by the banks.

There was plenty of activity across the market and mixed fortunes for the three listed companies reporting interim figures. The figures from Independent News & Media, Tullow Oil and Qualceram Shires were all broadly in line with market expectations. Independent saw solid two-way business with several sizeable trades at the €2.52 level, slightly down on the overnight mark of €2.54.

A late auction saw the price slip a bit further to close four cent weaker at €2.50.

Tullow was in demand following strong figures and an upbeat assessment of prospects. Almost 15 million shares changed hands in London as the stock advanced over 3 per cent to 225¼p. In Dublin, where trade in Tullow is generally lighter, the stock advanced one cent to €3.34.

Bathroom equipment manufacturer Qualceram Shires was weaker in relatively light trade after slumping to a loss of €4.5 million. The shares ended the day six cent , or 4.5 per cent weaker, on €1.19.

Among the financials, AIB saw decent volume but closed unchanged on €17.55 where most of the business took place, having traded between €17.37 and €17.65 during the session.

Bank of Ireland put in a strong performance, climbing 5 cent , or more than 1 per cent, to climb above the €13 level and close at €13.02.

Anglo Irish Bank was seven cent firmer on €11.15 while Irish Life & Permanent was 15 cent ahead on €15.15.

Elsewhere, there was little activity in takeover target Jurys Doyle with fewer than 500,000 shares changing hands as the stock slipped 10 cent to €18.40 and it was confirmed that property developer Sean Dunne had raised his stake to 23.95 per cent on Tuesday.

DCC continued to recover some ground after a surprise profit warning earlier in the week. The stock closed at €16.80

Settlement Date: September 19th