ONCE again it was a generally good week for the Irish market, with share prices pushing ahead steadily - boosted yesterday by the better-than-expected inflation figures in the US.
With the US inflation figures boosting share prices on Wall Street and London, there seems little reason why share prices in Dublin should not push ahead further next week even though the flow of interim results will be drying up with only Irish Life producing results of any significance.
The past week has see some extraordinary trading and the 19p rise by Bank of Ireland on Tuesday took most by surprise. The market's attitude to Bank of Ireland is exceptionally positive but there was still no obvious reason why the share should have been bid up so strongly by both domestic and overseas investors. It came' as no surprise then that the following day's trading saw some profit-taking in Bank of Ireland and the other financial shares.
Irish Life's domestic performance has been sluggish, to say the least, and that is why the launch of three major new products this week is of major significance for the life assurance company. These products are aimed at regaining Irish Life's lost share of the savings and investments market where the bank assurers like Lifetime and Ark Life have benefited.
Elsewhere, Woodchester produced an impressive set of interim results and the next focus for expansion abroad may be in Sweden. Mr Craig McKinney repeated that 53 per cent share-holder Credit Lyonnais remains committed to its investment but added that if the French did decide to withdraw from Woodchester, there would be no shortage takers for their majority stake.
There Were the expected good results from Independent, although the company would not comment on growing speculation that it was on the brink of a £50 million regional newspaper acquisition in the south-east of England. A price tag of this magnitude is small change for Independent, which has the capacity' to spend well over £300 million given the current strength of its, balance sheet.
Not so impressive were results from Waterford Foods where the impact of BSE and high milk, prices hit the group hard. Analysts immediately cut their 1996 fully year forecasts although some left 1997 forecasts intact in the belief, (or is it hope) that a more rational milk pricing policy and the diminished impact of BSE would allow Waterford to recover.
Elsewhere, Tullow received bad news for the first time for many a long day, with a poor result to the latest gas drilling Pakistan.
There is a good appetite for exploration stocks - at least those with some assets - and Glencar became the latest to tap the market for funds, with a £12 million placing and open offer. About £7 million of this will be used to increase Glencar's stake in the Wassa gold prospect in Ghana from 45 per cent to 60 per cent, with the rest funding Glencar's share of exploration costs.
