DUBLIN REPORT: Iseq:2,965.40 (+25.37 ) Settlement Date:March 9th

NEWS OF planned asset disposals at AIB saw the two main banks rise sharply yesterday, with one dealer observing that they were “absolutely roofing”.

AIB, the stronger of the two, gained 20.6 cent, or almost 20 per cent, to end the session at €1.245.

The bank has begun an investor roadshow in London in the wake of Tuesday’s results, and has outlined plans for substantial divestments. The news was energetically welcomed, leading to strong volumes in both AIB and Bank of Ireland, although the latter was held back by a seller at €1.05 for a time. Bank of Ireland eventually closed 9.6 cent higher at €1.094.

The Iseq as whole gained close to 1 per cent, outperforming most of its European peers.

Irish Life Permanent did well despite some broker downgrades in the wake of Wednesday’s results. Shares added 4 cent to close at €3.02. FBD, which also reported on Wednesday, was 15 cent stronger at €5.75 as trading ended.

Hard news yesterday came from Grafton, which surprised on the upside with its 2009 results. Analysts highlighted a strong second half within the group’s business, and shares rose by 40 cent to €2.85 on decent volume.

Total Produce also outpaced expectations with its 2009 numbers, although its outlook was cautious. The stock rose by 1 cent to 40 cent.

Losers on the day included Ryanair, which shed 6.1 cent to finish at €3.46 following Wednesday’s disappointing passenger numbers. Dealers highlighted a late trade which drove down the price. Aer Lingus, which reports on Tuesday, moved in the opposite direction, rising 1 cent to 61cent.

Elan was also under pressure, lacking support as it fell by 22.8 cent to €5.34

Elsewhere, CRH was on the winning side, gaining 24.8 cent to close at €17.064.