The ISEQ was almost unchanged yesterday - down just 12 points on the day - as financials rose by nearly 3 per cent on the back of strong performances from the two big banks.
An upbeat trading statement by Bank of Ireland, saying it had achieved excellent profit growth in the first half, supported by continued economic growth, pushed its price up 28 cents to close at €8.23. AIB also finished up 35 cents at €11.40. Irish Life and Permanent jumped 17 cents to close at €10.88, while First Active finished at €1.93, down three cents on the day.
Upgrades from analysts, combined with continued speculation in the market about the possible takeover of one of the Irish banks, has had positive effects on the share prices of Irish financials. A general move back into banking stocks globally is also helping to boost Irish financial stocks.
Apart from financials, there was average trading in most of the leading stocks. CRH was down 35 cents to €17.65, reflecting weakness in its sector.
Other movers included Arnotts, which closed down 10 cents at €6.80, and Fyffes down five cents to €0.80. Eircom closed unchanged following its rise on Monday.
IWP, which held its annual general meeting yesterday, was up three cents to €1.63. Company management repeated its discontent at the a.g.m. at the continuing lack of demand for its shares which it insisted were seriously undervalued.
As Dublin closed, there were mixed fortunes for Irish tech stocks on the NASDAQ with Parthus trading down $1.50, and Trintech, Baltimore and Iona all trading up.
