Market Report

The market held up well yesterday against a backdrop of sharp falls in the US and weaker closes across the rest of Europe. The financials were among the best performers, with Irish Life & Permanent once again the star of the show as it crossed the crucial 11.50 barrier. The stock closed 50 cents higher at 11.60 after just slightly more than one million shares changed hands.

AIB also strengthened, adding 12 cents to close at 12.62. Bank of Ireland rose by four cents to 10.59 on volume of close to 6.5 million shares. The bank said it had bought back 550,000 shares on Thursday, paying €10.56 per share.

First Active dropped five cents to 4.65 as it prepared to exit takeover protection next week.

Elsewhere, Elan continued to climb on the back of its filing with the Securities and Exchange Commission, closing 10 cents stronger at €5.40. CRH won back some of Thursday's losses by adding 13 cents to finish at 16.38. Ryanair was 10 cents higher at 6.68.

Greencore was also firmer, closing nine cents higher at €2.85 as the market accepted that the firm should not suffer on the back of worries over UK food group Northern Foods.

Fyffes attracted good volume following Thursday's interim numbers, but remained unchanged at 1.45. Kerry, which also reported earlier in the week, rose by 20 cents to 15.20.

Independent News & Media saw good two-way trade in advance of next week's half-year release, closing two cents higher at €1.71. Grafton, which is expected to report continued strong growth on Monday, added five cents to finish at €4.75, while Kingspan, which is also due to present interim numbers next week, climbed by 15 cents to 3.30.