STRONG demand for the major industrial stocks drove the Irish market up almost 1 per cent, despite a standstill in London and a weaker opening on Wall Street.
A shortage of offers allowed some of the better industrials to close well up on the day and some were still drawing bids at the close.
CRH was in solid demand and closed up 3p on 555p while Kerry also closed on 555p - up 15p on the day. Kerry has gone to great pains to emphasise that the BSE crisis has minimal impact on its operations, but yesterday's big rise in the share price is more due to the traditional reluctance of domestic holders to sell stock they know they will have difficulty buying back.
That lack of liquidity will continue until Kerry goes ahead with the expected restructuring that will bring the co op stake below 51 percent.
Other food shares were mixed, but Avonmore managed to recover 5p to 140p although Waterford Foods - heavily exposed to any cattle cull in Britain - was Unchanged on loop after its sharp fall on Wednesday. Greencore remained in demand and dealt as high as 314p before closing down 2p on the day at 310p.
Independent dealt in size in Wednesday's after hours trading - the 490p late deal is thought to have involved a half million shares.
The shares consolidated yesterday and closed on 500p after peaking at 505p. The rising share price makes a fund raising increasingly likely, believe market sources, with any cash call probably tied into an acquisition or an increase in the stake in APN.
Kingspan closed 7p higher on 277p after its excellent results - the group has also been linked with a division of Rugby that Kingspan bid unsuccessfully for a few years ago. Low gearing and a strong price makes even a large acquisition within Kingspan's reach.
