The Dublin market nudged ahead yesterday, ending a quiet week in which many traders took holidays. It failed, however, to match strong gains in London, Frankfurt and Paris, each of which added more than 2 per cent yesterday.
Financials led the rise yesterday with Bank of Ireland gaining 22 cents to finish at €7.42 ahead of its results on May 11th. AIB was also stronger, rising eight cents to €10.98, although Irish Life & Permanent, which has revealed plans to close several branches throughout the State, was 10 cents easier at €9.10. Anglo Irish Bank, which reports results on May 11th, was unchanged at €2.43.
Meanwhile, industrial shares were generally weaker. CRH lost 30 cents on the day to finish at €17.60. One dealer said this reflected concern that Thursday's interest rate rise by the ECB would curtail construction growth.
Eircom rose briefly to within two cents of its €3.90 flotation price, though the stock finished four cents weaker on the day at €3.83. Independent News & Media was down seven cents at €8.78 and Kerry Group added 35 cents to finish at €13.95.
Despite losing its ranking on the Morgan Stanley Dean Witter "emerging growth fresh money buy list", Ryanair added 35 cents to close at €9.15.
Smurfit gained five cents to €2.40 after positive results this week from its US subsidiary Smurfit Stone and Waterford Wedgwood, which made a strong trading report at its a.g.m. on Thursday, added three cents to end the week at €1.12.
