Benign American purchasing managers' figures might have given inter national markets a nudge ahead, but Irish financial shares remained weak with only solid gains by CRH and Elan allowing the ISEQ to close higher on the day. Increasingly, corporate activity is stoking interest in the international building materials' industry and that has benefited CRH which added another 17 cents yesterday to €20.08 (£15.81). Elan continued its run and on the NYSE was trading $1.38 higher in $28.69 (€28.47) at the Irish close.
The Esat takeover bid from Telia-Telenor has generated lots of interest, but the Dublin market is a mere onlooker in this, the biggest hostile takeover bid in Ireland, with the vast bulk of Esat trading taking place on NASDAQ. As Dublin closed, Esat was trading $12.69 higher on $77.75 - comfortably above the $72 offer price from Telia-Telenor. Yesterday was a generally strong day in New York for Irish shares, and at the Dublin close Icon was $2.63 higher on $16.50, Smartforce gained 31 cents to $24.81 while Baltimore was trading 44 cents higher on $47.75.
Financial shares drifted with AIB down 5 cents on €12.77 (£10.06) although Bank of Ireland was unchanged on €8.20 (£6.46). Irish Life & Permanent - no doubt hoping that RBS does not succeed in its bid for Natwest - was 10 cents easier on €9.80 (£7.72). First Active was 2 cents easier on €2.38 (£1.87) with a view in the market that the cost-cutting measures are not enough to restore confidence in the share.
Elsewhere, DCC was 15 cents higher on €7.35 (£5.79), Green gained 25 cents to €6.00 (£4.73). Independent was 20 cents firmer on €5.40 (£4.25) while Tuskar was .75 of a cent higher on €0.0575 cents after its Nigerian oil announcement.
