For a change, the Irish market outperformed its international peers yesterday with solid gains by most of the leading financial and industrial stocks. Overall, however, turnover was modest with only a few stocks trading more than a million shares.
Elan was boosted by comments from Mr Stephen Leeb of Leeb Capital Management, who identified Elan as one of the three stocks to buy now. Elan was up €1.25 in Dublin on €54.25 and was trading up $1.32 by midday on the New York Stock Exchange on $49.52.
Among the leaders, the biggest volume was in Bank of Ireland, which gained 29 cents to €9.84 with 2.7 million shares trading. AIB was 15 cents higher on €11.15 and Irish Life & Permanent gained 30 cents to €11.40 while CRH was 16 cents higher on €18.06.
Elsewhere, Smurfit put on 10 cents to €2.15 as it announced plans for US-style quarterly financial reporting. Anglo Irish Bank gained 16 cents to €3.10 while Glanbia was five cents higher on €1.25 on reports of increased cheese production in Idaho.
Some of the tourism stocks recovered despite recent hefty downgrades with Irish Continental; up 25 cents on €5.95 and Jurys Doyle was 12 cents higher on €6.20. Ryanair was also firmer and closed up 16 cents on €10.06.
Fyffes was a cent higher on €1.23 - and not the €3.03 inputted by mistake one dealer. That €3.03 should have been entered against First Active. Bula's basket of 10 shares lost a cent to €0.16 after the company disclosed that it has been forced to renegotiate the terms of its US oil acquisition. Ivernia fell heavily in Toronto and by midday was down four Canadian cents on Can$0.08 albeit in miniscule trading.
