Week finishes with surge upward for financials

Allied Irish Bank was again the star performer of the market yesterday at the end of what was on the whole a quiet week.

Allied Irish Bank was again the star performer of the market yesterday at the end of what was on the whole a quiet week.

All the financials finished the week with a surge of upward momentum amid positive sentiment about AIB's results due out next week.

AIB itself added 27 cent, or 1.4 per cent, to end the day at €19.45.

Meanwhile Anglo Irish Bank, which didn't fare so well earlier in the week, closed up 14 cent, at €13.05.

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Bank of Ireland gained 10 cent, to close at €14.75, a move one dealer said could have been helped by positive numbers about the UK buy-to-let market from Bradford & Bingley.

Irish Life & Permanent also had a good day, rising eight cent, to end the day at €17.93.

Financial services group FBD was also a star performer, adding 45 cent, to close at €38.

Another positive mover was Tullow Oil, which rose 19 cent, equal to 4.5 per cent of the group's value, to end the day at €4.44. Dealers said the group was benefiting from a rise in UK gas prices.

Interest was strong in Eircom a day after the group released disappointing third-quarter results. A total of 25 million shares changed hands, 10 million of those in Dublin. The stock ended the day up four cent, at €2.10.

CRH moved upwards after lagging behind the rest of the building sector in recent times. Its shares rose 12 cent, to €26.66.

Grafton also had a good day, gaining 11 cent, or 1.2 per cent, to close at €9.46.

One stock that fared slightly less well was pharmaceutical group Elan, reversing the gains it made on Thursday on the back of news that US regulators would allow the company to resume use of its multiple sclerosis drug on some trial patients. The stock was down 20 cent, at €12. Volumes however were light.

Ryanair was also a loser, dropping 24 cent, or 3 per cent, to €7.66, a move which could be linked to an increase in oil price, though the stock has so far been immune to moves in oil price.