With international markets notching up gains of up to 3 per cent, yesterday's modest improvement on the Irish stock market was something of a disappointment. The 100-point rise in the FTSE did nothing to boost the likes of CRH which fell once again even though interim results early next month are expected to show solid growth.
Volumes were decidedly modest, with the rise in the index market due more to stocks being bid ahead rather than any mass rush to buy. Investors are still cautious, although the expected good interim reporting season should give the market some momentum.
Bank of Ireland, one of the under-performers of recent weeks, put in the best performance yesterday with a 38p jump to £12.73, while AIB was 10p higher on £11.15. Well-received interim results helped to push Irish Permanent ahead 111/2p to 850p and the strength in demand for the stock augurs well for the imminent First Active flotation.
Among the industrials, CRH closed down 2p on 848p. Grafton - a thinly-traded stock - lost 90p to £16 while Smurfit was 3p lower on 158p. Concerns over competition on its routes continues to weigh down Ryanair which closed down 25p on 470p. In- dependent was 2 1/2p easier on 312 1/2 p ahead of interim results while Greencore was 3p lower on 320p.
On Nasdaq, Elan was the star Irish performer and was over 5 per cent higher with a $33/8 gain to $681/2 while Iona was $5/8 higher on $281/8. Other Irish technology stocks failed to benefit from the strength in the sector with Esat and Icon unchanged, although CBT was $1 higher on $58 1/2.
