CRH to fore as heavyweights push market ahead

DUBLIN MARKET: The market climbed almost 1 per cent yesterday, pushed ahead by solid performances from a handful of heavyweights.

CRH was a key driver, with shares climbing by 46 cents to €21.38 on reasonable volume. The stock was helped by the dollar strength that flowed from comments made by US Federal Reserve chairman Mr Alan Greenspan in advance of this weekend's G7 meeting in London.

Kerry Group benefited similarly, with its shares rising by 10 cents to €18.35 as investors eyed the stronger dollar's positive effects on the translation of the group's US profits.

Elan did its bit for the overall market performance as it rose by 30 cents to €21.70 in advance of fourth-quarter results due on Tuesday. Analysts will be seeking an update on the performance of the firm's flagship multiple sclerosis treatment, Tysabri.

Ryanair continued to feel the benefit of its strong results, climbing 13 cents to €6.67 as close to 5.4 million shares changed hands.

Independent News & Media also attracted good demand, with 5.2 million shares traded. The stock finished at €2.34, up three cents, as investors mulled over MonsterMob's possible offer for iTouch, Independent's 34.8 per cent-owned subsidiary.

Dealers said the rule of thumb being applied was that each 10 per cent move on iTouch's share price should drive a one-cent increase in Independent. ITouch rose by 3.75p to 36.75p sterling in London.

Eircom was even more popular, with 7.4 million shares traded. The stock, which reports quarterly figures on Tuesday, has recently been treated to a round of analyst upgrades. It closed at €1.98 last night, up three cents on the day.

The banks were quieter than usual, with price movements fairly muted. AIB rose by four cents to €15.49 while Bank of Ireland was steady at €12.20. Anglo Irish Bank rose by nine cents to €18.79.

More impressive progress was made by McInerney, which added 30 cents to finish at €7.45.

Dublin ReportSettlement Date: February 9th