The strong recovery on international markets, mainly on the back of a 3 per cent jump in Tokyo and follow-on gains on other Far East markets, allowed the Irish market to push ahead strongly for the second successive day. Once again, the main focus was on the bigger financial shares with Bank of Ireland, in particular, benefiting from strong overseas interest.
Boosted by a positive trading statement at yesterday's annual general court, Bank of Ireland jumped 40p to £15.05 while AIB was 19 1/2 higher on the sterling equivalent of £10.54 1/2. AIB has refused to comment on reports linking it with a bid for a 41 per cent stake in the Polish bank BPH. That stake is currently worth over £230 million.
Other financials were also firmer, although they traded in much smaller volumes. Irish Life added 12p to 672p while Irish Permanent was 15p higher on 860p. Anglo Irish Bank was unchanged on 192 1/2p.
A strong performance by JS Corp in New York - up almost 5 per cent on the overnight level - was not fully reflected in dealing in Smurfit in Dublin where the shares were just 2p higher on 215p.
Silvermines gained 4p to 60p, boosted by the announcement of £4 million worth of orders in the Far East, while Avonmore Waterford lost 13 1/4p to 266 3/4p. ABNAmro has, however, given Avonmore a vote of confidence and the broker has put a one-year target of 340p on the shares.
Ryanair did not trade from its overnight of 508p but was trading over $1 higher on Nasdaq on $36 3/4p, an opportune time for the shares to rise with the placing and London listing due to be completed this week.
