Financials the focus as stocks see-saw

Market report:Leading stocks see-sawed during a busy day on the Dublin market yesterday, mirroring patterns on international exchanges. Shares lost ground early before coming back strongly as the session progressed only to slip back towards the close of business. The gains were on the back of good performances in London, and then New York, where traders were in a bullish mood early following a holiday on Monday.

However, Wall Street softened during the day, and the Dublin market mirrored that move.

Financial stocks were the focus of a lot of activity yesterday, dealers said. AIB, which is due to report full-year figures today, added almost 3.5 per cent at one stage. However, it closed the day 5.3 cent or 0.4 per cent ahead at €13.45. Just over three million shares were traded.

Volumes were also strong in Anglo Irish Bank, where 4.35 million shares changed hands. It closed down 2.8 cent or 0.31 per cent at €9.042. Bank of Ireland also closed slightly off its opening quote, losing 4.6 cent to end the day at €9.454 as slightly more than four million shares changed hands in Dublin.

The real star performer among the financials was Irish Life & Permanent, which gained 26.7 cent or 2.53 per cent to close at €10.82.

Construction related stocks such as CRH and Kingspan both gained as investors warmed towards the sector. CRH closed seven cent up at €25.92, but at one stage traded at €26.20.

Drinks group, C&C benefited from good news flow from the sector yesterday, and gained 16.6 cent to close at €4.59. Investors bought 1.8 million shares in the cider maker in Dublin yesterday.

Speculation about takeover activity in Greencore boosted its price by 6 per cent at one stage, but it also slipped back to close 6 cent or 1.48 per cent up at €4.11.