Heavyweights AIB and CRH keep Dublin positive

MARKET REPORT: On a day when the major European markets were down, the Dublin exchange managed to finish in positive territory, helped by reasonable performances from market heavyweights AIB and CRH.

Settlement Date: November 28th

AIB bucked the trend which saw financials falling 0.26 per cent on a day when the overall market rose 0.67 per cent to 4,336.69.The bank was up 25 cents to €14.08, with some traders pointing to a degree of switching by investors from Bank of Ireland.Bank of Ireland fell 14 cents to €10.46 and the other financials followed suit, with Anglo Irish Bank slipping 10 cents to €6.58 and Irish Life & Permanent giving up 45 cents to slip to €11.25. First Active was unchanged on €5.20.

CRH did well, climbing 42 cents to €13.57 as a couple of buyers came in on the back of presentations by the company to break the downward pressure exerted by investors worried about news of asbestos claims. Ryanair has no such problems and not even the news of cancelled flights due to disruption in France could halt the advance of the low-cost airline to yet another closing high. The company finished up 15 cents on €8.20.

United Drug advanced 17 cents to €12.42 ahead of full-year figures today, while Galen Pharmaceuticals was up 15 cents at €7.75 following a series of post-results investor presentations in the US. Elan may be a long way from its glory days but the company has put in a solid performance in the past week, gaining almost a quarter of its value to €2.48, its highest close since mid-September following further asset disposals and some comfort on liquidity in a broker report from Merrion.

Of the takeout targets, Dunloe Ewart was three cents stronger at 48, Alphyra slipped 15 cents to €2.15 and Riverdeep added five cents to €1.55.