The major overseas markets may have lost ground, but the Irish market continued to push ahead modestly. However, dealers said the market was doing nothing more than treading water and needed stimulus from overseas. By that they meant a cut in interest rates by the Fed at the end of the month.
Despite the recent tribulations among domestic Irish technology companies, the listed technology companies were firm yesterday, even though Nasdaq came back from its early highs. SmartForce continued to move ahead after its good results and has been tipped to hit $58 by Wall Street investment house Hambrecht & Quist. The shares were trading 81 US cents higher by midday in New York on $40.87, leaving plenty of space for growth if H&Q has made the right call.
There was heavy turnover in Baltimore in London where 11.6 million shares traded as the share jumped 22 1/2p to 389p sterling.
Parthus was also firmer - up 11 1/2p to 194 1/2p sterling - but Iona was hit by more profit-taking on Nasdaq and was trading over $1 lower on $60.37.
On the home market there was little activity of note with most of the leaders only a few cents changed from their overnight levels. CRH, however, fell 24 cents to €18.79 although turnover in the stock was low.
