Market Report - Dublin

The Dublin market had its best day of the week on the back of strong demand for financial stocks

The Dublin market had its best day of the week on the back of strong demand for financial stocks. The performance in Dublin contrasted with markets internationally, with London, Paris and New York on the slide.

One of the factors in the strength of financial stocks is expectation ahead of Wednesday's AIB half-year interims which are expected to show pre-tax profits of at least £350 million.

AIB saw its own share price rise 7p to 1077p in volumes which look like being sustained into next week. "There is a of lot good feeling out there at the moment and we can expect the figures to give the price a further lift in the middle of next week," a trader said.

Bank of Ireland, while trading in thiner volumes, finally clawed back some of the losses it suffered during the week, rising 10p to 1435p.

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While dealers reported some buyers coming in from the United States, this could not save stocks like Smurfit and CRH, both of which have lost value in the last week. CRH was the more serious loser yesterday, dropping 25p to 935p, although this was actually a recovery on the day.

"Industrials seem to be losing their way at the moment and CRH is bearing the brunt of it," said a dealer. Elsewhere the main upward movers were Avonmore Waterford, going from 276p to 290p, Greencore, up from 340p to 350p, Irish Life, putting on 10p to close at 635p and Tullow Oil which edged 12 1/4p forward to 162 1/4p. The main stocks losing value were IAWS, down 5p to 255p, Arnotts, down 10p to 640p and DCC, which lost 15p to close at 585p.