MARKET REPORT: The Irish market moved ahead along with indices across Europe yesterday, as investors took heart from growing signs of corporate recovery.CRH was the most notable performer on the ISEQ, with shares up almost 4 per cent to €17.42 by the close.
Settlement Day: March 4th
The company is expected to provide few surprises in its full-year results today, with analysts forecasting flat profit growth on 2002 before currency movements are considered.
Irish Life & Permanent was also in the spotlight in advance of 2003 results, due tomorrow, with shares closing up 15 cents at €13.25.
The other banks were in good form too, with AIB gaining eight cents to finish at €12.30 and Bank of Ireland rising 16 cents to €10.69. Both banks have been downgraded by Morgan Stanley in light of margin concerns.
Analysts believe that Bank of Ireland's share price will be supported by the bank's buyback until it enters its closed period towards the end of this month, but the market is expecting some margin pressures to emerge at that time.
Bank of Ireland said it had bought back 100,000 shares on Friday at €10.65.
Anglo Irish Bank continued to fight its way back after the placing hangover, climbing nine cents to €13.74.
Elan enjoyed another excellent performance as the market continued to admire progress on drug development. The firm ended at €11.90, up 55 cents.
Grafton attracted good two-way trade in advance of results due next week. Shares added 25 cents to close at €6.25.
Kingspan, which will issue results this day next week, dropped three cents to €4.29 after some sellers stepped in.
Kerry Group strengthened on rumours of an ingredients acquisition, finishing 22 cents higher at €15.42.
Fyffes rose by two cents to €1.72 in advance of reporting 2003 results today. Analysts are again expecting flat earnings growth.
