SHARE prices pushed ahead in steady trading, boosted by a generally firmer tone on European stock markets and despite a slow opening on Wall Street. Most stocks closed ahead on the day but the biggest gains were notched up by Irish Life and Independent.
Irish Life benefited from an exceptionally bullish report from Davy and the share dealt up 4p to a new high of 270p. Davy believes that Irish Life shares have the capacity to reach 319p over the next 12 months.
Independent was also in demand and closed up 7 1/2p on 335p as the Wilson & Horton bid nears completion.
The leaders were mixed. CRH closed 1p on 637p - the company has issued 312,698 new shares to cover the interim scrip dividend representing a take-up from 38 per cent of the shareholders who, in turn, own 17 per cent of CRH shares.
AIB and Bank of Ireland were both 1p stronger on 391p and 509p respectively while Smurfit was 1p easier on 169p.
Elsewhere, Greeneore gained 2p to 360p, Kerry was 5p higher on 675p while takeover target Lyons was 20p higher on 320p but still at a level that suggests that minority shareholders will spurn Unilever's 323.3p offer.
Gilts were sharply lower and were hit by the currency uncertainty, and the five to 10-year area felt the brunt of the selling. Five-year gilts lost 48p to produce a yield of 6.34 per cent while 10-year gilts lost 53p to produce a yield of 6.89 per cent.
