Dublin report:The Irish market broke through the 10,000 level for the first time yesterday, just two months after it passed the 9,000 mark.
The index, which has gained significant momentum since the start of the year on the back of positive sentiment boosted by expected earnings upgrades, eventually fell back to close up 28 points at 9,981.
Many of the main movers fell back in the same way, though managed to recover some ground before the end of the day and close off their lows.
On a stock specific note, CRH was the feature of the day as the building materials group added 90 cents, or 2.7 per cent, to close at €34.05.
The stock was boosted by news that US group Vulcan had acquired Florida Rock in a deal worth $4.6 billion. At 21.8 times 2006 net income, Vulcan is paying a hefty premium, a factor analysts said bodes well for CRH.
The Irish group now makes about 50 per cent of its profits in the US and, when compared with its peers in the region is significantly undervalued, analysts say.
Elsewhere, demand remained strong for property group Blackrock, which saw as many as 3 million shares change hands. The stock closed up 2 cents, or 3.5 per cent, at 60 cent.
Independent News & Media was again in focus as APN, the Australian media group it is seeking to take over, reported an increase in full-year net profit despite difficulties in the publishing sector.
The shares however slipped 3 cents, to close at €3.50.
Ryanair was also in demand, with 4.6 million shares changing hands.
Dealers said the stock, which added just 9 cents to close at €12.45, is treading water at the moment and is in need of some new news to shake it out of the range.
