A sturdy performance by industrial shares allowed the Irish market to buck the weak performance in London, although it was the same dismal pattern once again for the banks, which continued to lose ground. Irish technology shares took a bit of beating on NASDAQ, where the market lost ground on interest concerns which did not seem to affect the leading industrials that make up the Dow.
Lafarge's expected £3.5 billion bid for Blue Circle provided a support level for CRH, which traded up 23 cents to €19.53. The expected level of the Lafarge bid is close to CRH's current rating in the market and dealers believe that if the French group goes ahead with its bid for Blue Circle, the entire building materials sector may get a new rating.
Elsewhere, Smurfit - tipped as one of Salomon Smith Barney's three top European tips in the sector - was one cent easier on €2.90 while Eircom also eased 1 1/2 cents to €4.21 after peaking at €4.28.
Other industrials in demand included Fyffes, which continued its extraordinary 2000 run and closed up 16 cents on €3.30. The Fyffes share has now doubled since announcing its Internet fresh produce trading venture in mid-December. Kerry bounced out of a recent rut below €12.00 and dealt 10 cents higher on €12.20 while Ryanair jumped 25 cents to a new high at €13.50.
But it was more downhill movement for the banks, with AIB and Bank of Ireland both down 8 cents on €9.55 and €6.65 respectively. First Active was unchanged on €2.00 as the outcome of expected boardroom developments is awaited.
Most Irish technology shares were lower. At the Dublin close, Iona was trading $4 lower on $47 1/2 while Baltimore lost over $5 to $105. Earlier in London, Baltimore lost £3.67 to £65.90 sterling while on the Neuer Markt, Trintech lost €5.50 to €60.10.
