Market Report:Irish recruiter CPL was the star of the Irish stock market yesterday, rising almost 7 per cent on the back of positive interim results.
The company reported a 79 per cent increase in pretax profit in the six months to the end of December and said 2006 had started well. The shares rose 25 cent, to end the day at €4.
Dealers said the stock was also boosted by the secondary placing of 5.1 million shares by some of the company's directors, nearly doubling the company's free float.
Bank of Ireland was the best performer among the financials, adding 15 cent, to close at €13.80, though its peers didn't fare too badly. Irish Life & Permanent was up 13 cent, at €17.08, with one dealer saying he expected to see a lot more upside to the stock in the future. NCB has upgraded its forecasts for the bank, citing its exposure to the growing Irish economy and also the upcoming release of SSIA funds.
AIB rose 10 cent, to close at €17.92, but Anglo Irish Bank ended down three cent at €12.67.
Irish Continental was boosted by the announcement that it is to scrap one of its daily Dublin to Holyhead round trips. Analysts described the move as good logistically for the company, which has been struggling to reduce costs amid lower passenger numbers. The shares rose 23 cent, or 2.1 per cent, to close at €11.15.
C&C was another stock to enjoy a good day, rising 10 cent, to end the session at €5.77, while CRH was up 9 cent, at €25.73, though volume was light.
Elan continued Monday's declines, dropping 23 cent to end the day at €11.30 following the revelation that the US Food and Drug Administration will meet on March 7th to discuss the future of Tysabri, the multiple sclerosis drug it has developed with partner Biogen.
Dealers recorded strong demand for outsourcing group Newcourt, with more than two million shares changing hands. The stock, which is listed on Dublin's IEX, rose three cent, or 2.4 per cent, to €1.27.
