Gains in financial stocks boosts market

DUBLIN REPORT: Iseq: 2,959.36 (+7

DUBLIN REPORT: Iseq: 2,959.36 (+7.84) Settlement date: November 23rdTHE DUBLIN market was back in positive territory yesterday, boosted by strong performances by financial stocks and positive responses to corporate newsflow.

Packaging group Smurfit Kappa put in one of the best performances of the day, despite reporting a sharp slip in third quarter profits. Continuing its good run of form in recent days, the stock gained more than 4 per cent to close at €6.20.

Dublin-based investment group TVC Holdings climbed almost 5 per cent to 64 cent on the back a strong trading statement issued yesterday.

Meanwhile, minnow stock CPL Resources bounced more than 8 per cent - or almost 18 cent - to just under €2.30 on the strength of a trading statement released by the recruitment firm at its agm on Monday in which it predicted a pre-tax profit of at least €2 million for the second half of 2009.

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Bank of Ireland was one of the busiest stocks on the day. After hitting a daily high of €1.95, it settled back to finish at €1.90, a gain on the day of over 2 per cent.

Allied Irish Bank moved ahead by more than 6 per cent, closing at just under €1.97.

Strong first-half results released on Tuesday by Norkom led to heavy trading in the Dublin-based security software firm yesterday. Over a million shares changed hands in this IEX-listed stock, but it finished the day flat at €1.20.

In spite of the very upbeat trading update issued by exploration company Tullow Oil yesterday, the stock shed 37 cent on the Dublin market to €13.96.

Elsewhere in the exploration sector, Providence Resources was also weaker on the day, trading down by 4 per cent to under 5 cent.

Meanwhile, market heavyweight CRH slipped 9 cent to €17.37.