Market Report

The market continued its steady new year ascent yesterday, with small and mid-cap stocks providing most in the way of thrills.

Independent News & Media was far and away the busiest stock on the day, with almost 10 million shares changing hands before the close. Almost seven million of these crossed in a single institutional trade at €2.02, with the stock finishing at €2.04, up five cents on the day.

Heiton failed to draw much benefit from a solid set of interim numbers, with shares closing five cents weaker at €4.30. Fellow merchant Grafton also fell back, losing five cents to end the day at €5.75. McInerney dropped five cents to €5.35, while Abbey recovered ground lost late last week by rising 20 cents to €8.30.

Market heavyweight CRH was firm as it jumped 21 cents to €17.30 amid good international interest.

Fyffes rose by two cents to €1.73 on volume of almost four million shares, with the positive effects of dollar weakness on the firm's input costs continuing to attract investor imagination.

Greencore was quieter than of late, despite receiving a small boost from positive Christmas sales growth at key customer, Tesco. Shares fell one cent to €3.46. Fellow Tesco supplier Kerry was weaker, with shares dropping 10 cents to €14.50 after a downgrade from Davy. The broker highlighted the company's heavy exposure to the US (and consequently dollar) market. Glanbia gave up some more of its recent strength by falling two cents to €2.28.

Among smaller stocks, Donegal Creameries moved up 30 cents to €3.80. IWP built on recent gains with a two-cent rise to 30 cents. Readymix jumped by 5 per cent to €2.10 on good volume. CPL meanwhile rose another five cents to €1.10.

In the financials, Allied Irish had another good day, despite falling the falling share price of its US holding, M&T. Some 3.6 million shares were traded in Dublin as the bank rose four cents to €13.29. Bank of Ireland closed down one cent at €11.37.