AIB holds gains as Anglo Irish continues to climb

Dublin ReportSettlement Day: December 12th The market was virtually unchanged at the close last night after spending much of the day with one eye on the Federal Reserve meeting in the US.

The main banks were fairly well supported throughout the day, with AIB standing out by holding on to Monday's gains. The bank finished two cents stronger at 12.30. Bank of Ireland finished at 10.63, again up two cents on the day. The bank said it had bought back 400,000 shares at 10.59 on Monday, thus raising the amount it has spent on its own stock since last month's interims to 37.5 million.

Anglo Irish continued on its seemingly inexorable ascent, climbing 15 cents to 12.35 on good volume. Irish Life & Permanent was also robust, closing 15 cents higher at €12.

Moving outside the financials, Waterford Wedgwood was again troubled by the weaker dollar and its impact on US profits. Waterford shares fell one cent to 20 cents. CRH fared better, adding eight cents to close at 16.49.

Ryanair dropped six cents to 6.24 on news that two German low-cost carriers are now looking at entering the Irish market.

Independent News & Media was one of the busiest stocks on the day, with some 6.7 million shares changing hands as it rose four cents to €2.06.

Volume looked to be even heavier in MBO-target Barlo, with a cross of seven million shares recorded in early trade. Dealers were sceptical on the print - the figure recorded by the stock exchange - however, judging "real volume" to have been less than half that. The company ended unchanged at 37 cents.

Elan continued to benefit from Monday's news of a probable divestment, rising 20 cents to 4.72. United Drug was solid as it climbed seven cents to €2.35 on volume of one million shares.