Anglo Irish Bank continued its strong run, buoyed by positive comments on current trading at the bank's annual general meeting yesterday. With almost 1.3 million shares trading, Anglo dealt up another eight cents to a new high of €3.43 and has risen by almost 10 per cent since the start of the year.
Bank of Ireland was once again in demand and closed 10 cents firmer on volumes of just over a million shares while Irish Life & Permanent gained 12 cents to €12.59. AIB, however, is struggling a bit and lost six cents yesterday to €12.84. Hope of an interest rate cut by the Federal reserve is the main reason for the current demand for bank shares.
Industrial stocks were the usual mixed bunch with CRH the pick of the bunch with a 31-cent gain to €19.95. Eircom was three cents higher on €2.56 although Smurfit remains weak and lost another six cents to €1.96.
Independent was 13 cents lower on €2.90 - the group's Buspak subsidiary in Australia has just lost a major bus advertising contract and is facing fierce competition to retain its current contract with the Sydney transport authority. Among second-liners, Golden Vale fell four cents to €1.00.
Ericsson's big cutbacks announcement had little impact on Irish technology shares which were mixed on the various overseas markets. Parthus fell 7-1/2p in London to 203-1/2p sterling after STMicroelectronics - its biggest customer - warned of a fall in sales in the current quarter. Iona was trading almost a dollar higher in New York around $61, apparently unaffected by Chris Horn's sale of 40,000 shares this week.
