Stocks recover despite weak opening and 'messy' session

Market Report: Stocks recovered some ground in the afternoon after a weak opening yesterday. The market finished fractionally in the black after what traders called a "messy session" though there was limited interest outside the leading stocks.

Settlement Date: November 11th

Among the leaders, AIB was by far the share in greatest demand following its recent period of weakness. Almost five million shares were traded in Dublin along with a similar number in London. The price moved ahead to close on €12.40, up 11 cents.

Bank of Ireland was quieter, closing down five cents on €10.50, roughly the middle of its range during the session. Anglo Irish Bank paused for breath, ending four cents easier on €10.16.

Irish Life & Permanent also gave up ground in a quiet day's trading after running ahead on Wednesday when a buyer surfaced. The stock closed on €12.30, down five cents.

Leading industrial CRH recovered from early weakness to finish 18 cents ahead on €15.45. Dealers said the underlying economic positives for the group, especially in the key US market, were likely to see buyers surfacing when the price fell near the €15 level.

IFG failed to capitalise in the market following the announcement of its joint venture with GE Capital. The stock ended off 17 cents at €1.10 with just under a million shares changing hands.

Heitons, on the other hand, built on its announcement of further investment in its Atlantic Homecare stores, with the company's stock adding 15 cents to €3.90. Rival Grafton, which has greater exposure in Britain, again slipped, falling five cents to €5 after the announcement of a rise in British interest rates.

Kingspan recovered much of the ground lost on Wednesday in the wake of news that its $40 million compensation award against the former owners of Tate was the subject of an appeal. It rose 10 cents to €3.72.

Ryanair had a peculiarly quiet day, with just 1.1 million shares moving and the share contained in a 10-cent range. It closed at €6.96, up a cent.