Forget about that modest rise in the index - it was entirely due to a belated rise in the Elan share price in Dublin following the surge in the company's share on Nasdaq in the past couple of days. With profit-taking knocking Elan back a couple of dollars in new York last night, yesterday's €3.99 rise by Elan to €80.00 is likely to be at least partly reversed.
Otherwise it was a question of weak financial and firmer industrial share prices with blue-chip industrials like CRH and Kerry both ahead on the day - Kerry on the back of strong full-year results and expected earnings upgrades. Kerry was up 10 cents on €12.15 (£9.57) but is still a long way off its €12.70 (£10) high of earlier this year. CRH was 20 cents higher on 16.50 (£12.99) but flat earnings saw Waterford Wedgwood weaken to €0.70 (£0.55), a fall of 3 cents on the day. AIB's 45 cent fall to €15.45 (£12.17) reflects a feeling that compared to its peers, the share is expensive and it will probably take a general rise in the market to generate renewed interest in the share. Bank of Ireland drifted 8 cents lower to €18.30 (£14.41), Irish Life was 20 cents lower on €9.00 (£7.09) while Irish Permanent was 10 cents lower on €14.45 (£11.38).
Good results from Esat saw the share gain $1 1/2 to $44 1/2 in early New York trading while CBT - which has taken a sizeable hit in the past week - was boosted by a "buy" recommendation from New York investment house USB Piper Jafray.
