The Irish stock market bucked the international trend again yesterday ending the day up 1 per cent in moderately active trading to close at a record 6,132.44.
Both London and New York remained firmly in negative territory, trading cautiously weaker ahead of today's key Federal Reserve meeting.
The Federal Reserve is widely expected to deliver a further rate cut today, possibly by as much as 50 basis points. With US rates cut by 200 basis points this year, some analysts are wondering how long it will be before inflation creeps back onto the Federal Reserve's horizon.
On the Irish market, the main mover on the day was DCC following better-than-expected results. DCC's share price rose 0.55 cents to end the day at €10.95 after it reported a 42 per cent increase in turnover to €1,870.1 million and a rise of 24 per cent in operating profit to €91.7 million.
DCC chairman and chief executive Mr Jim Flavin said the company was well positioned to continue to achieve strong growth both organically and through acquisitions.
In the financial sector, Bank of Ireland continued its recent upward drive notching up a further 0.22 cents to end the day at €11.46 while AIB's share price suffered some profit-taking as investors realised gains. It ended the day down 0.11 cents at €13.42.
Eircom ended the first day of trading following the split from Eircell, which it sold to Vodafone, at €1.14. Analysts said the rump traded up 7 per cent to €1.14 but the bulk of the shares dealt at €1.10.
