The recovery in financial stocks in the wake of the bumper Bank of Ireland results proved to be something of a one-day wonder and financial shares were generally weaker on the Dublin market. But leading industrials were firmer after recent weakness while exploration minnow Bula was the star of the day after disclosing that its partnership with Oilinvest has been extended to include other parties.
There was enormous trading in Bula - 195 million shares traded in London alone - and the share almost doubled from 2 5/8 cents to 4 3/4 cents (3 3/4p) after peaking at five cents. It remains to be seen if there is substance behind the sharp rise in the share price and many Irish resource stock investors will no doubt have memories of previous "boom n' bust" stocks before they rush in to buy.
Eircom put in a strong early spurt with speculation on more major corporate moves in the telecoms sector fuelling interest. From the overnight €3.82, Eircom dealt up to a high of €4.10 before running out of steam and closing 15 cents higher on €3.97 (£3.13). Elsewhere, CRH continued to recover from an oversold position and was 17 cents higher on €17.15 (£13.51).
Among the financials, AIB lost 18 cents to €12.17 (£9.58), Irish Life & Permanent was 20 cents easier on €10.00 (£7.88) but gainers included Bank of Ireland - up two cents to €8.27 (£6.51) and First Active - up seven cents to €2.35 (£1.85).
Ivernia was unchanged on 87 1/2 cents (69p) after B of I disclosed that it had bought 500,000 shares at an option price of 50p (63 cents), Ryanair continued its post-results surge with a 15 cent gain to €9.15 (£7.21) although Smurfit lost five cents to €2.57 (€2.02).
Trading in New York in Irish stocks tailed off after some recent strong performances, but Icon was the pick of the bunch and was trading 79 cents higher at the Dublin close on $17.75 (€17.21).
