Higher closing as early jitters set aside

MARKET REPORT:It was a mildly positive day on the Iseq yesterday, with the index closing 0.42 per cent higher after setting aside some early jitters. Most of the banks were in favour, but Anglo Irish was again under pressure, falling 20 cent to €10.

AIB, by contrast, rose by 50 cent, or 3.38 per cent, to close at €15.30. Bank of Ireland was also in the black, gaining 4.3 cent to finish at €10.37 ahead of tomorrow's results. Irish Life & Permanent was up 10 cent at €14.30 by the close.

DCC was the main newsmaker on the day, with analysts welcoming first-half numbers. Shares climbed by 53 cent to €19.99 as investors looked to the firm's traditionally stronger second half.

Smurfit Kappa had a good day in advance of today's third-quarter results, with shares rising 18 cent to €12.80.

Things were less positive for McInerney, which shed 7.25 per cent, or 10 cent, to finish at €1.28. Abbey was also in focus, falling by 7 cent to €6.93.

Siteserv felt some pain too, dropping by 7 cent, or 13.5 per cent, to 45 cent.

First Derivatives, one of Goodbody's new top picks in the "microcap" end of the index, was also a loser, falling by 23 cent to €3.77. The broker also picked Datalex, Horizon and Alltracel.

Independent News & Media ended 10 cent lower at €2.30, although dealers attributed much of the weakness to a strong run immediately before the close on Friday. Trade was heavy in New Zealand yesterday, with market speculation focusing on either Denis O'Brien or the company itself being a large buyer.

Elsewhere, renewed concerns about cider market share in Britain harmed C&C, which lost 19 cent to close at €4.55.

IAWS did well, rising by four cent to €16.32, while Kerry Group was less of a performer, closing 69 cent weaker at €19.88.