ON WHAT dealers described as a relatively quiet day's trading, the ISEQ made a modest gain, closing up 0.4 per cent as the major banks made progress on their recent revival.
AIB, in particular, made gains, closing up 17 cents to €12.27 (£9.66) on international interest, while Bank of Ireland rose five cents to €8.20 (£6.46). One dealer said Bank of Ireland has failed to attract the same international interest as Allied, particularly after the recent buy-back which is regarded by some as a strategically weak move.
Other financials fared less well with Anglo-Irish unchanged at €2.30 (£1.81) and Irish Life & Permanent off 5 cents at €10.65 (£8.39).
In New York, Elan remained unaffected, up just 12.5 US cents to $33.625 (€31.61) in mid-day trade. Smurfit-Stone, meanwhile, received an upgrade from `buy' to `strong buy' from Warburg Dillon Read, but the effect on its associate, Smurfit, was marginal. On the ISEQ, the stock held at €2.62 (£2.06), and CRH was back 20 cents to €19.10 (£15.04) in small volumes. Eircom hovered at €4.00 (£3.15), down 6 cents, but is said to be well supported at that level.
Among second-line industrial stocks, any gains which might have accrued to Ryanair from the Tanaiste's support of the airline building a second terminal in Dublin Airport was dissipated by the ongoing squabble with Aer Rianta over the airport operator's extension work. The stock shed 5 cents to close at €8.85 (£6.97).
Waterford Wedgwood was up 3 cents to €1.03 (81p) despite the stock being ex-dividend. Brokers are bullish about the prospects of Millennium giftware business for the luxury goods company.
