The ISEQ index closed more than 2 per cent up yesterday at 5,116.42 adding €957 million to the market's value, as announced by corporate Ireland brought a firmer trend with some blue chip stocks back in vogue.
Better than expected numbers for CRH helped it to shrug off its recent decline as its stock climbed 65 cents to finish at €18.00, representing a rise of some 3.5 per cent. Analysts predicted its recovery should continue following a 40 per cent increase in profit to €663.4 million in 1999.
Smurfit, which has endured a difficult run of late, also announced results ahead of analysts' expectations. The stock added five cents to close at €2.35, but it has still some way to go to recover recent losses.
Financial stocks also showed signs of recovery boosted by stronger European markets. AIB rose to €8.45, a jump of 22 cents; Irish Life & Permanent was up 12 cents at €8.07. Bank of Ireland remained virtually unchanged at €6.06 1/2, minus half a cent.
Among the few losers yesterday was ITG, down 50 cents at €19.00 and Green Property down six cents at €5.24. The latter fell despite announcing a good set of results probably reflecting pressure on the sector, according to one analyst.
Although analysts said there was only an average level of trading yesterday they predicting the good news would continue as strong results from the Republic's firms were not yet reflected in stock market prices.
Elsewhere Elan surged 12 per cent on the NASDAQ after receiving FDA approval for a new drug. It was trading at $40.12 1/2 as Dublin closed. Trintech was up more than 5 per cent at $115.12 1/2 and Iona was up in excess of 12 per cent at $77.87 1/2.
