The Irish Stock exchange shrugged off the announcement of huge losses at Anglo Irish Bank to close up slightly at 2722.52.
Brokers said the results from Anglo Irish Bank, which announced a €4.1 billion pre-tax loss in the six months to the end March, did not impede the performance of Irish banks in the market. One broker described it as a "confident reaction to disappointing results." The bank attributed the decline mainly as a result of €3.7 billion loan losses.
The Bank of Ireland was the best performer in the financial sector jumping 8.97 per cent to close at €1.70. Allied Irish Banks achieved good results spiking 5.63 per cent to end the days trading at €1.35. Irish Life and Permanent also fared well with a solid rise to €3.37, an increase of 2.43 per cent.
Dragon Oil had an excellent day in the markets buoyed by strengthening oil prices, jumping 9.05 per cent to close at €3.68.
Elan Corporation had positive gains rallied by the appointment of a new CEO, according to one broker. The stock spiked 9.50 per cent to finish at €5.30.
Irish Continental Group struggled in the market falling 6.19 per cent to close at €9.85 while Aer Lingus fared slightly better dipping 2.98 per cent top finish at €0.65. Despite attracting decent volumes and enthusiastic trading during the morning session, Ryanair closed flat at €3.63, with brokers blaming the stocks good performance during the week and some profit taking.
CRH remained under pressure with a lack of news coming out of the US housing sector, one broker highlighted. It peaked in morning trading reaching €16.99 but eventually fell to €16.60, a decline of 1.07 per cent.