The substantial improvement on international markets allowed the Irish market recover more than 1.5 per cent yesterday, with the main impetus coming from the major financial shares and Elan, the biggest stock on the market with a 25 per cent weighting in the ISEQ.
The heaviest trading among the financials was in Bank of Ireland where almost 2.6 million shares traded. Bank of Ireland shares rose as high as €9.40 before closing up 38 cents on €9.28. In lower volumes, AIB was 25 cents higher on €10.90, First Active was seven cents firmer on 43.02, Irish Life & Permanent added 31 cents to €10.50, although Anglo Irish Bank was unchanged on €2.95 after peaking at €31.0 in earlier trading.
Elan shares were up €1.32 to €51.32 in Dublin but the vast bulk of the trading in Elan stock is on the New York Stock Exchange where more than a million shares had traded by midday as it rose $0.50 to $46.70.
Other large capitalisation industrials were weaker, with CRH down 20 cents on €17.80 and Smurfit falling two cents to €1.89 in turnover of almost 1.8 million shares.
Ryanair, however, was 19 cents firmer on €9.33 while Grafton gained 14 cents to €3.14. Jurys continued its recovery - albeit after very heavy losses post-September 11th and was 25 cents firmer on €6.50.
The latest trading statement from Baltimore was another horror story, but the market seems to be putting some faith in new chief executive Bijan Khezri. In London, Baltimore was 2p higher on 16p sterling.
