Market Report

Settlement Day: March 5th: Shares marked the end of the week with a 1.54 per cent bounce yesterday, pulled along by a sound performance among most of the bigger players.

The main banks tracked the strength of their counterparts across Europe, with AIB closing 25 cents higher at €11.85 and Bank of Ireland gaining 22 cents to end at €10.22. Dealers said high volumes in both Dublin and London suggested that Bank of Ireland had been back in the market for its own shares.

Irish Life & Permanent closed 35 cents stronger at €9.10 upon welcome news of a US divestiture. The bank is due to deliver 2002 results next week. Anglo Irish Bank gained 11 cents to reach €6.15, while First Active was five cents lower at €5.40.

Elsewhere, Ryanair recovered somewhat from potentially damaging rumours about its accounting policies, gaining 10 cents to close at €5.92.

Elan also closed higher, but failed to win back all of Thursday's declines. Dealers said the stock, which ended 40 cents higher at €3.10, remained a highly volatile play.

CRH lost 20 cents to finish at €11.40 on the back of selling activity.

Trade was mixed among the smaller caps, as the market continued to struggle for direction. "Everybody's waiting for something to happen in the Gulf," said one dealer,

Galen built on earlier gains to close 20 cents stronger at €5.10, while fellow pharmaceutical firm United Drug lost 10 cents to finish at €12.40.

The release of circulation figures meanwhile had minimal impact on Independent News & Media, which gained two cents to end at €1.35.

Waterford Wedgwood remained weak, shedding one cent to close at 29 cents.