Dublin Report Settlement Day: August 14thIrish share prices edged higher yesterday with the ISEQ Index rising by 1.5 per cent to 5,260.61. Dealers reported continuing thin trade with little activity in the main stocks.
Much of the bounce came from Elan, which had improved in the US on Tuesday and which gained ground in Dublin yesterday.
The shares ended up 2.34 cent at €15.74 and the stock was again stronger in the US.
CRH shares were stronger, ending the session at €18.14, up 30 cent in fairly modest trading. Building materials stocks in the US had moved higher on the previous day, but the improved sentiment failed to fully translate to CRH.
Ryanair managed to claw back some of its recent losses and moved further away from the €4 level. The shares gained almost 3 per cent in Dublin to end at €4.18 and were buoyed by comments from the Saudi Oil Minister, who confirmed that Saudi Arabia had raised output sharply over the past three months.
The move was intended to prevent high prices damaging world economic growth.
Concerns about rocketing oil prices had weighed on Ryanair shares and were heightened by the fact that the airline had only hedged its fuel reserves until November.
The banks were all weaker. AIB shares lost 6 cents to €12.75. The bank yesterday announced the terms of the share offer being made in relation to the interim dividend of 20.9 cent per share for last year.
The offer price is €12.77 per share and the dividend will be paid on September 24th.
For shareholders liable to dividend withholding tax, this represents an entitlement of one new share for every 77 shares held.
The closing date for acceptances is September 13th.
Elsewhere in the financial sector, Bank of Ireland shares were down 15 cent to €10.64; Anglo Irish lost 9 cent to €12.85; and Irish Life & Permanent shed 10 cent to €12.25.
