The weakness on the London market following the announcement of a Bank of England probe into British mortgage lenders had little impact on the Dublin market, and Bank of Ireland - the only Irish share with a substantial exposure to the British mortgage industry - was one of the best performers.
Bank of Ireland shares also split two-for-one yesterday, improving marketability, particularly to smaller investors. The split shares jumped 20 cents to €9.25 (£7.28). The bank also disclosed that it got a 49 per cent take up from shareholders to its scrip dividend, saving it £14.8 million in cash and resulting in the issue of 1.02 million shares (2.04 million since the split) to shareholders.
Other financial shares were generally weaker with AIB down 12 1/2 cents to €13.40 (£10.55) while Irish Life & Permanent was 27 cents weaker on €10.53 (£8.29). American investment group Scudder Kemper has disclosed a 4 per cent stake in IL&P. First Active was one of the few financials to buck the downward trend and was 10 cents firmer on €3.50 (£2.76).
Telecom continued to dominate activity in the industrial shares with shares trading up nine cents to €4.75 (£3.74) with stabilisation by Merrill Lynch apparently keeping the shares at €4.65 to €4.75). CRH eased three cents to €19.32 (£15.22) but is still well-supported after its well-received acquisition in Michigan. Ryanair jumped 35 cents to a new high of €10.35 (£8.15) while Smurfit was also firmer, adding six cents to €2.71 (£2.13).
