Busy financials push market into more positive zone

Market Report: The market closed in slightly positive territory yesterday, up 0.78 per cent on the back of mixed trade. The financial sector was once again the source of most excitement, as the heavy volumes recorded last week were maintained.

Settlement Day: June 19th

AIB closed 31 cents higher at 13.03 as more than five million shares were traded. Bank of Ireland, which is due to go ex-dividend over coming days, saw almost four million shares change hands as it gained 11 cents to finish at 10.68. Dealers said both companies were attracting a healthy level of international interest as investors warmed towards the financial sector across Europe.

First Active shed 10 cents to close at €4.45 amid significantly lower volume. It emerged yesterday that the bank had appointed Barclays Capital, Deutsche Bank and JP Morgan as joint lead managers on its new 750 million residential mortgage-backed security. Anglo Irish saw almost three million shares traded as it informed the market that Zurich Financial Services now controls a slightly reduced 4.82 per cent holding. The stock gained 12 cents yesterday to close at 8.02.

Elsewhere, CRH was 18 cents stronger at 13.88, while Ryanair shed five cents to end at €5.52.

Drugs firm, Elan failed to build on recent gains by finishing 23 cents lower at 6.80, while sectoral bedfellow, Galen added 11 cents to reach 8.09 after launching its landmark menopause treatment in the US. United Drug lost 10 cents to close at 14.40.

Among other smaller stocks, Jurys Doyle gained 15 cents to reach 8.30 after analysts at ABN Amro said there could be some upside to hotel stock prices.

Gresham was two cents higher at 80 cents.