MARKET REPORT: Strong interest in Fyffes dominated the Irish market yesterday, driving the stock up seven cents to €1.55. More than nine million shares changed hands, although some of this was double-counting, with the relatively cheap stock finding favour among investors.

Packaging company Smurfit, which confirmed yesterday that the bid approach it received last week was from US private equity house Madison Dearborn Partners, advanced two cents to €3.22 with many hedge funds showing an interest in the stock on the feeling that there was now a good chance of the deal coming to a conclusion. Nearly eight million shares were traded during the day.

Elsewhere, among the financials, Anglo Irish Bank gave up some of the gains it made in the previous few days on the back of bumper half-year results and a number of upgrades from analysts. It slipped back 10 cents to €6.55, despite more than two million shares changing hands. Irish Life & Permanent put in a good day, notching up six cents to close the day at €16.20. The two big banks, AIB and Bank of Ireland, had a relatively flat day. Under pressure in the morning, both rallied somewhat in the afternoon. AIB was just three cents stronger at €14.95 with just around half of a million shares traded. Bank of Ireland enjoyed stronger volumes of 1.5 million but could advance only seven cents on the day to close at €13.10.

CRH enjoyed another good day, advancing 39 cents to €19.94, but Ryanair continued its downward trend, losing 14 cents to €5.66. After slipping back on the previous day over fears that the fire at the Roosky plant could affect the group, Glanbia regained some ground, picking up three cents to €1.55.