With international stock markets soaring on the back of US non-farm payroll figures, the Irish market moved ahead almost 2 per cent to its best level since mid-July, with dealers reporting solid demand for the major financial and industrial stocks.
In London, the FTSE surged 1.3 per cent to a new all-time high, with technology and telecom stocks leading the way, while on Wall Street the market roared ahead after the inflation-friendly jobs figures. The Dow closed up 247.12 on 11,286.18.
Price movements in Dublin were not significant with investors - who have steered clear of the market recently - apparently reluctant to commit themselves until they see how sustained the rally is. But dealers said that most of the leaders were showing bid interest and added that, with the dollar surging against the euro, stocks with a large dollar exposure may see particular interest. These stocks would include the likes of AIB, CRH, Smurfit and Kerry. And with the Nasdaq market moving ahead strongly, there were some extraordinary gains for some of the Irish high technology stocks most of which have already performed well in the past few months.
The two main Irish e-commerce stocks, Trintech and Baltimore, were the focus of intense demand and Trintech closed up 13 1/2 on 56 1/2 , bringing its gains over the past two days to 35 per cent. Trintech shares floated at just $12 two months ago.
Baltimore was also in huge demand and closed up 5 3/8 on 57 1/4, bringing its gains over the past two days to more than 20 per cent. Most of the trading in Baltimore, however, takes place in London where the shares soared by more than £3 to £34.67 sterling.
