Main banks firm up and shares edge close to the all-time high

SHARE prices pushed ahead to close just short of an all time high although turnover on the market was pretty thin with no sign…

SHARE prices pushed ahead to close just short of an all time high although turnover on the market was pretty thin with no sign of any institutional rush to deal.

There were indications, however, that the recent minor slump by the two major banks, and particularly Bank of Ireland, has come to an end with both stocks moving firmer yesterday.

Industrials were also firmer and CRH continued its good run, closing up 4p on 594p while Smurfit gained 2p to 172p despite an easing by JS Corp overnight. Kerry went from strength to strength and hit a new high of 625p ahead of the conversion of a quarter of the parent co-op's shares into plc shares later this year.

Other food stocks were largely unchanged with Avonmore standing still on 1521/2p after last Friday's sharp rise. Golden Vale added 1p to 65p while Waterford Foods was also 1p higher on 95p.

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The non dairy food shares were buoyant with IAWS up 2p to a new high of 160p while Greencore bounced back after some recent selling and closed 2p higher on 302p.

DCC remained in demand despite going ex-dividend and was unchanged on 260p. Green was 1p higher on 236p as company broker Davy upped its forecasts in the light of the £30 million rights issue and £37 million British acquisitions.

Davy has increased the 1996 profits forecast for Green from £5.8 million to £7.2 million and for 1997 from £7.7 million to £10.4 million.

Heiton was unchanged on 100p as M&G disclosed that it has bought another 400,000 shares to take its stake to 8.76 per cent.

Irish Continental added 5p to 540p while Irish Permanent gained 2p to 3831/2p.

Jones fell 25p to 195p but this merely brings the share back to the bid level that had existed for the shares for the past few days.