Strong financials make it a very good day

Market Report: It was a very good day on the Irish market yesterday, with strong performances from some of the financials helping…

Market Report:It was a very good day on the Irish market yesterday, with strong performances from some of the financials helping to push the Iseq index of Irish shares up 1.2 per cent to its highest closing level in three months.

Anglo and Irish Life & Permanent were the main contributors, with dealers reporting significantly high levels of activity in Anglo in particular.

As many as 7.3 million Anglo shares changed hands in Dublin, with a further 31 million trading in London. Dealers reported one trade in London of as many as 26 million units, although they said they were unsure if this was an actual trade or an error.

In Dublin the shares closed 3.3 per cent, or 55 cent higher, at €17.25.

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Irish Life & Permanent also put in a strong performance, rising 4.5 per cent, or 89 cent, to €20.60.

Bank of Ireland, meanwhile, added 1.8 per cent, or 30 cent, to close at €16.85, while AIB's gains were muted, with the stock rising only 10 cent, to close at €22.66. Volume was decent, however, at 4.5 million.

Elsewhere, it was also a good day for the homebuilders, with McInerney making up for its lacklustre performance of late with a 4.1 per cent increase, taking it 11 cent higher, to close at €2.78.

Abbey was also a gainer, rising 3.4 per cent, or 35 cent, to end the day at €10.75, although volumes were light. Grafton was also strong, rising 1.3 per cent, or 16 cent, to €12.30.

Following significant declines last week, Ryanair put in a strong performance yesterday, rising 3.3 per cent, or 17 cent, to €5.40. Independent News & Media, meanwhile, was a loser, slipping 1.4 per cent, or 5 cent, to €3.55 amid concerns that the group's proposed takeover of Australian media group APN may not be approved.