Banks boost market with a solid performance

Market Report: The market inched ahead again yesterday, boosted by another solid performance from the financials.

AIB rose by seven cent to €17.82, while Bank of Ireland added eight cent to finish at €13.08. Dealers reported some switching from AIB into Bank of Ireland as investors took profits from the larger of the two banks.

Anglo Irish had another good day, although €10 was still a resistance level. Shares finished at €9.98, up three cent. Irish Life & Permanent gave up the strength of the past few days, closing 30 cent lower at €14.30.

FBD continued to gain ground after being upgraded by both Davy and NCB, closing 25 cent stronger at €25.25. NCB has a price target of €30.50 on the firm.

Business picked up in Jurys Doyle, with gossip in the market predicting an imminent third offer from the Precinct consortium. The investors' next move is expected by many to top €17. Shares in the hotel group finished at €15.20 last night, up 15 cent on the day.

Kingspan closed at a 52-week high of €9.99, up 14 cent. The firm was boosted by a positive trading update from one of its distributors, Sheffield Insulation Group. Kingspan itself will issue a pre-close statement in July.

News of the closure of a crisps plant at Coolock in Dublin had little effect on C&C, where shares were unchanged at €3.65.

Eircom shed one cent to finish at €1.76 after declaring a final dividend of six cent for last year. The stock goes ex-dividend on July 27th with a record date of July 29th.

Ryanair was weaker. The airline closed at €6.47, down six cent.

Glanbia gained two cent to end the session at €2.77, amid expectations that the firm will spend up to €100 million on nutraceutical acquisitions over the second half of the year.

In the same sector, IAWS fell six cent to €11.78. The market is expecting solid results from the firm for the year ending in July.

In London, Tullow finished 2p higher at 183.5p after Merrill Lynch increased its price target.

Settlement date: June 29th