Financial shares rose strongly on the Dublin market on the back of a general move in European markets towards defensive stocks.Even AIB, with its problems in Baltimore, benefited from the rising tide in the sector although trading in the stock is likely to remain volatile. Volumes in most stocks, however, were modest.
AIB itself dealt up to a high of €12.70 before ending 43 cents higher on €12.60 while Bank of Ireland gained 14 cents to €11. Anglo Irish and First Active - last year's frustrated marriage partners - were also firmer with Anglo up 16 cents on €4.66 while First Active was nine cents higher on €3.92.
Among the industrials, Kingspan continued to weaken after last week's profits warning and a series of broker downgrades. Dealers said the share was suffering a crisis of confidence and it lost 15 cents to €2.40. Ryanair gained seven cents to €6.52 as Morgan Stanley restarted coverage of the stock with a price target of €7.20.
Elan traded in size in Dublin - almost two million shares - and edged up seven cents to €16.80, tracking movements in New York. Later on the NYSE, Elan was trading 31 cents lower at midday on $14.44.
Galen benefited from good results and confirmation that it is negotiating the sale of its clinical trials unit. In Dublin, the shares were 95 cents higher on €10.64 while in London they were 51p stronger on £6.37 sterling.
There was sizeable trading in Green Property -- almost 2.3 million shares _- but the share was a cent easier on €6.99, while CRH lost 10 cents to €19.08.
