Market Report

The market edged forward slightly yesterday, ending almost 1 per cent higher as stocks strengthened across Europe. Dealers said fund managers were acting on a renewed belief in equities.

The financials were the main drivers behind the Irish rise, with volumes holding up well across the sector.

Irish Life & Permanent was the most notable performer, adding 28 cents to finish at 10.23 as positive investor sentiment continued to build.

AIB was also stronger, closing 26 cents higher at €12.52. Anglo Irish Bank built on recent strength by closing at 8.78, up 13 cents.

Bank of Ireland was less impressive, limiting its rise to one cent as it ended at 10.77 on volume of close to six million shares. The company's buyback continued on Wednesday when it purchased 120,000 shares at 10.748.

Ryanair was the busiest stock on the day, with 6.7 million shares changing hands as it climbed 10 cents to 6.50. Dealers said much of the trade had come in one block.

At the other end of the scale, Arcon saw programme-driven trade of close to 5.5 million units. The stock ended up 0.3 cents at 4.2 cents.

Back with the heavyweights, CRH added 10 cents to reach €16.55, a level it last saw at the start of the month. Grafton also staged a solid performance, closing 15 cents stronger at 4.65.

In pharmaceuticals, Galen ended 20 cents higher at €9.18, while Elan dropped by 25 cents to €3.90 as another accounting deadline approached.

Other movers of note included Jurys Doyle, which rose 20 cents to 8.90 as optimism grew about the recovery of the US economy.

Waterford Wedgwood climbed by one cent to 29 cents for the same reason.