STRONG gains in London and New York were not matched on the Irish market yesterday, but share prices did nudge ahead to new highs and dealers believe that a strong close in New York may boost the Dublin market when trading resumes today.
Most of the demand for the financial stocks in particular came from overseas and the two big banks moved ahead with AIB up 6p to 519p while Bank of Ireland was 3p firmer on 720p. Irish Life traded up to 347p before closing 3p down on the day on 342p, Irish Permanent was 2p easier on 633p while Woodchester was unchanged on 295p.
Among the industrials, profit-taking hit both Smurfit and its US associate J.S. Corp, with Smurfit closing 2p lower on 192p while J.S.Corp lost $1 to $15 1/8p. Among the food stocks, Waterford Foods was 7p higher on 127p as hopes for the merger with Avonmore going ahead improved following IFA backing for the deal. Kerryjumped 17p to 665p in thin trading - the spin-out of a quarter of the co-op shares to co-op shareholders should be completed soon.
Avonmore was unchanged on 275p but is up 30p in the past two weeks. The 29 for 50 share swap offered by Avonmore values the Waterford shares at 159p based on the current Avonmore share price.
Elsewhere Ryanair continued its post-flotation surge with a 4p gain to 355p, Unidare was 10p higher on 205p as IIU disclosed that it has granted an option over its 15.1 per cent stake in the engineering, a Mr Dermot Desmond nominee company.
