The Dublin market rebounded yesterday in line with international trends, although dealers said nervousness remains with most of the buying confined to the larger stocks.
Nevertheless the rise of 90 points or 1.81 per cent in the ISEQ's overall value injected some confidence. "The nervousness is still there, but today's performance means the panic present earlier in the week has abated," said a dealer.
Much of the day's momentum came from AIB which powered ahead to an all-time high of 1150p, a rise of 36p on the day. "AIB is finally being rewarded for this week's figures," said a dealer.
Other financials followed the trend with Bank of Ireland putting on 26p to close up at 1403p, while Irish Life also proceeded in an upward direction, up 20p to 650p.
CRH reversed some of the losses it suffered during the week, up 8p to close at 902p. "It was unfair that CRH bore the brunt earlier in the week, just because it was slightly oversold, but it may now be coming to an end," said a dealer.
Greencore's strong run this week continued as it rose 7p to 357p. "There is a lot of goodwill about the acquisition during the week and it was about time it moved on a bit," said a dealer.
Elsewhere, the second liners were not the subject of much activity. "With the climate at present nobody is really prepared to take a risk in second liners, the big money is seeking the shelter of the big names," said a dealer.
One stock that was strong was Marlborough which increased 20p to 310p. Tullow Oil, on the back of rumours about further good news, rose by 9p to 162p.
