A mixed day, but overall the market nudged ahead above 4,900 for the ISEQ, boosted by further gains by AIB, and rises by CRH and Kerry ahead of half-year results next week.
Telecom, however, was weaker once again despite an improvement in the sector on the back of gains by Deutsche Telekom.
AIB has made solid gains after its recent weakness and jumped another 15 cents yesterday to €12.59 (£9.92). Bank of Ireland, however, has continued to struggle and the shares were down nine cents on €8.28 (£6.52) while Irish Life & Permanent was four cents firmer on €9.89 (£7.79). Half-year results from First Active failed to inspire and the shares fell 10 cents to €3.25 (£2.48) as a line of 350,000 shares came out of London.
So far, plans by Bank of Scotland to undercut domestic mortgage providers with a direct sales operation have failed to hit the AIB, Bank Of Ireland, Irish Life and First Active but if the new entrant manages to eat into their market shares it will be a negative for the sector.
The interim reporting season gets under way in force next week, with figures from CRH, Kerry and Independent. Solid results are expected from all three while Independent may also get a boost with the announcement next week of the details of its new print plant on the M50. CRH was 22 cents firmer on €19.80 (£15.59), Kerry gained 15 cents to €11.45 while Independent was five cents firmer on €4.55 (£3.58).
Some of the second-liners notched up notable gains with ITG jumping 40 cents to €6.40 (£5.04) while Adare was 20 cents firmer on €7.00 (£5.51).
