Settlement Date: July 31st: The stock market moved higher yesterday, although volume remained very patchy, with much of the focus on financial stocks.
More than two million AIB shares traded, as the stock inched up by one cent to 12.65 ahead of the release of the bank's half-year results today. AIB is expected to report pre-tax profits of around 660 million, down from 700 million in the same period of 2002, as the strength of the euro and a weak Polish market take their toll.
Bank of Ireland fared well yesterday, gaining 14 cents to 10.26. The bank again confirmed the purchase of its own securities, saying it bought 375,000 shares last Friday at a price of 10.15 per share.
Elsewhere in the financial sector, Irish Life & Permanent added four cents to 9.75, First Active was up by seven cents to 4.75 as the expiry of its takeover protection in September fuelled interest in the shares, while Anglo Irish Bank added four cents to €8 after seeing some early selling pressure.
Among industrials, Ryanair shares gained eight cents to 6.03 while CRH also notched up some gains, closing 17 cents higher at 15.67.
Elan drifted off by five cents to 3.88 ahead of tomorrow's deadline for the firm to file its 2002 annual report with the US Securities and Exchange Commission. Fellow pharmaceutical company Galen was unchanged at 8.70.
Among second-line stocks, Kingspan added six cents to 2.87 while Fyffes nudged up by two cents to 4.75 as investors awaited Chiquita results later in the week for news of any corporate activity involving the firm.
Other movers included Grafton Group, up seven cents to 4.12, and Kerry, which added eight cents to 14.
