The financial stocks dominated trading on the ISEQ index of Irish shares yesterday as all the banks posted gains despite nervous equity markets across the US and Europe. The index closed up 34 points at 5,710.83.
Bank of Ireland was up 14 cents at €8.30 despite shedding a few cents in the afternoon session after strong gains posted early in the day. The stock rebounded from profit-taking earlier this week, but it is still a little way off its year high of €9.06 which it posted last week.
Both Irish Life and Permanent and AIB tested their year highs. Irish Life and Permanent continued its recent strong run adding 15 cents to close at its highest level €11.45 for the year. Likewise AIB added 21 cents to close at its year best at €11.90.
The two smaller banks also had a good day, with First Active adding 17 cents to close at €2.12 and Anglo Irish Bank adding one cent at €2.54.
Elsewhere trading was slow, with Eircom drifting closer to its record low as it shed 3 cents to close at €2.42 and CRH down 7 cents at €17.69. Fyffes, which has had a torrid year since achieving a high of almost €4 in February, added 7 cents to close at 89 cents. One analyst said the stock was "volatile" and yesterday's gains probably represented a "bounce-back" from its recent year lows.
An expected bloodbath in technology stocks, following a profit warning from computer maker Dell, had not materialised as the Dublin market closed. The NASDAQ was trading lower but most Irish stocks were holding their position with Baltimore virtually unchanged at $20 and Smartforce up nearly 2 per cent at $48, However, Iona was down more than 2 per cent at $61.50.
