STRONG demand drove the Irish market to another high despite an indifferent day in London where the FTSE closed down almost 12 points ahead of today's local elections and tomorrow's crucial US jobless figures. Financial shares were mixed, with Bank of Ireland slipping while others gained ground.
Smurfit continued to benefit from the $50 a ton liner board price increase announced by International Paper and dealt up 2p to 173p.
CRH was unchanged on 580p as Goodbody issued a research note stating that it took "a cautious view of the shares at current levels". CRH has also issued 788,370 shares to those shareholders who opted for a scrip dividend rather than cash.
Waterford Wedgwood also continued its strong run and closed up on 741/2p on good demand from overseas investors. Second line industrials were also well bid, with Ardagh up 5p on 145p, Barlo up 21/2p on 34p and Clondalkin up 5p to 450p. Fitiwilton continues to consolidate its position and closed up 2p on 57p as the market responded favourably to both the placing and recent buying of the stock by PDFM.
Independent was up 10p on 545p, IWP gained 5p to a new high of 475p, Readymix was 2p stronger on 120p while Tullow gained 1p to 84p after more heavy trading in the stock in London where almost five million shares traded.
A cautionary ratings report from Standard & Poor's partly accounted for a 7p fall by Bank of Ireland to 464p although AIB added 1p to 336p. Other financials were stronger, with Irish Life up 5p on 254p, Irish Permanent up 2p on 382p and Woodchester up 3p on 188p.
