Solid gains by the main financial stocks balanced out weakness among the industrials, but volumes on the market were light with investors sitting tight ahead of the US Federal Reserve's meeting on interest rates. The gilt market also stood still ahead of the publication of the 1998 Estimates today and October inflation figures tomorrow.
Bank of Ireland was yesterday's best performer with the share jumping 17 1/2p to 882 1/2p in anticipation of strong half-year results tomorrow. Analysts have pencilled in pre-tax profits of more than £220 million, with strong growth in retail banking and the first contribution from Bristol & West the main factors behind expected interim profit growth of over 20 per cent.
Other financials were mixed. AIB was 7 1/2p higher on 572 1/2p while Irish Permanent gained 10p to 665p. Irish Life, however, was out of favour and fell 8p to 340p in a late deal.
Leading industrials were dull with Smurfit more than 1 1/4p down at 163p sterling while CRH 2p higher to 785p.
There were some losses among second-liners with Clondalkin off 20p to 560p, Fyffes 3p lower on 97p while Greencore - a poor performer in recent weeks - lost 6p to 301p. Greencore has come back a long way from its 390p high earlier this year and there is uncertainty in the market over the company's strategy, especially in relation to the Imperial Holly investment in the US.
DCC was 10p higher after half-year figures which came in at the upper end of forecasts, Ryanair was 5p lower on 320p lower ahead of today's third-quarter results while Unidare lost 15p to 200p.
Among the exploration stocks, Dragon benefited from its additional investment in the Caspian Sea oilfields and was 8 3/4p higher on 78p while Minmet also traded busily and was 1p higher on 6p on speculation on its Devon gold interests.
