Settlement Day: March 20th: Financials were among the few stocks to make substantial gains on a relatively quiet day on the Irish Stock Exchange, which nonetheless notched up 16.33 points to 5,076.59 in line with international markets, writes Ciaran Brennan

AIB was benefiting still from a little bit of speculation about what might happen on the corporate front in the future following the release of the Ludwig report into the foreign exchange losses at its Allfirst subsidiary. It picked up 26 cents to close the day at €13.37 with more than two million shares changing hands.

Most of the other financials fared well with the exception of Irish Life & Permanent which eased back eight cents to €13.92. The other banks were well bid and finished stronger in line with international banks. Bank of Ireland advanced 20 cents to €12.10, First Active was five cents stronger at €4.10 and Anglo Irish Bank was up 15 cents to €5.32.

Among the industrials, CRH continued its downward drift, dropping 24 cents to €18.36.

There was decent two-way trading in Smurfit, which raised its stake in Swedish company Munksjo to 51 per cent after raising its offer to 85 Swedish crowns. It closed one cent stronger at €2.63 with more than five million shares traded. Waterford Wedgwood, despite failing in its bid to block an £18.9 million sterling emergency rights issue by British ceramics group Royal Doulton, in which it has a 21.16 per cent stake, still managed to finish one cent stronger at €0.79.

As the Irish market closed, Parthus was 8 per cent stronger on the Nasdaq on the back of its confirmation that it was in preliminary discussions regarding a combination of its business and DSP Group's intellectual property licensing business.