DUBLIN REPORT: Iseq: 2,752.50 (+11.23) Settlement date: December 9thBANK OF Ireland proved the star performer on the Irish market yesterday, rising more than 13 per cent after US investor J Christopher Flowers indicated he is continuing to look for Irish banking assets.
A Dublin broker said the expectation that the 2011 Budget will be passed today also contributed to Bank of Ireland’s strong turn, as it is more likely to “live to fight another day” if the Government’s fiscal plan goes through.
Activity remained strong in the bank’s US line again and volumes were heavy across Dublin and London markets.
The stock added 13.4 per cent, or about 4 cent, to finish at 36.4 cent.
AIB was also very strong, although it was overshadowed by Bank of Ireland. It closed more than 10 per cent ahead, or 3½ cent, just below 38 cent.
Irish Life Permanent added 3 cent, bringing it to almost €1.02.
However, building supplies group CRH weighed on the index, falling 1.35 per cent, or 20 cent, to €14.57.
This dip was in line with the movements of CRH’s peers on the day, and followed the release of forecasts predicting that the recovery in the European construction sector may be delayed until 2012.
Ryanair failed to gain any uplift from its positive traffic statistics released last week, or from rumours that the travel tax may be reduced in the Budget. The airline shed more than 1 per cent, or 4.2 cent, to €3.82.
Biotech group Elan added almost 25 cent to almost €4.15 after announcing the appointment of Robert Ingram as its new chairman.
Exploration company Dragon Oil bounced more than 6 per cent, or 33 cent, to just under €5.66 on the back of speculation that it may be the target of merger and acquisition activity next year.
