Financials make strongest gains on lively Iseq

DUBLIN REPORT: The market had another busy day yesterday, with news of AIB's entry into the Euro Stoxx 50 index providing the catalyst for some good gains.

The bank itself was again in demand, with almost 4.7 million of its shares changing hands. It closed at €17.75, up five cent, having touched a high of €18 earlier in the day. Dealers reported some profit taking in afternoon trade, as well as some switching into Bank of Ireland from AIB. Bank of Ireland also had a good day yesterday, closing up 20 cent up at €13.

Anglo Irish was solid too, gaining 10 cent to finish at €9.95 after hitting €10 at one point.

Fresh from Wednesday's upbeat trading statement, Irish Life & Permanent moved up 20 cent to €14.60. Merrion Stockbrokers upgraded its earnings per share forecasts for the stock by one per cent.

FBD added ten cent to close at €25 after Davy gave the stock a substantial upgrade. Shares in the insurance firm touched an all-time high of €25.15 during the session.

Away from the financials, CRH weakened towards the end of the day, losing the benefit of a positive first-half trading update from industry peer, Hanson. Shares in CRH ended at €21.70, down seven cent. Kingspan was more solid at the close, finishing 20 cent up at €9.85.

Grafton added eight cent to finish at €9.48. In housebuilding, McInerney climbed by 17 cent to €8.60, while Abbey shed two cent to close at €9.65.

C&C put in another good performance, rising by seven cent to €3.65. The firm received a boost from the warm summer, which is helping sales of its Magners cider in the all-important UK market.

Independent News & Media was unchanged on the day at €2.54, despite reports of strong advertising revenue growth at its main British title, the Independent.

Ryanair recorded heavy volume as it built on gains notched up earlier in the week. Shares in the airline closed at €6.53, up seven cent.