BUOYED by rises in New York and London, Irish shares climbed more than 1.5 per cent yesterday. The main financial stocks drove the gains, dealers said, with shares in most of the main companies rising in the morning.
Traders said the bound of around 50 points on the Dow Jones on late on Friday sent Irish shares upwards from the trading bell yesterday morning. Gains on London's FTSE - on the first day of the British tax year - and early rises on Wall Street this week boosted afternoon trading.
"There was not too much movement among smaller stocks," one analyst said. "But we saw some people coming in there to mop up. I would say that the smaller stocks are in a consolidation phase, and that if the market stays strong, we should see them pushing ahead over the next couple of days."
Some dealers pointed to the differential between the value of the pound and sterling, suggesting that to British based investors, many Irish stocks appeared better value. "It's definitely pushing, some capital into the market, one analyst said.
The banks made much ground, with Bank of Ireland climbing rapidly from its base of 617p to close after a sterling deal up some 8p on about 625p. Allied Irish Banks started on 428p, rising 7p to end at 435p. Anglo Irish gained 2p and closed on 78p.
Irish Life gained 10p to close at 330p, while Irish Permanent rose 8p, from 585p to 593p. Hibernian climbed by 10p from 330p, closing at 340p.
Analysts said there was "some nibbling" at the paper and packaging giant, Smurfit, ahead of the company's results, which are due this morning. The firm's shares rose during the day from their base of 164p, closing at 168p.
There was more interest in CRH, which climbed from 627p, gaining 7p to close on 634p. While Fyffes rose 3p to end on 106p, Clondalkin stayed steady at 590p.
There was some movement in the food sector, with Kerry making a late charge to finish up from its start of 620p by 290p at 640p.
Avonmore remained on 230p, Golden Vale gained 1p to end on 54p, Greencore lost 4p from 350p, closing at 346p, and Waterford Foods fell then rose, closing where it began, on 75p.
