Market report

The market closed a touch higher last night as a strong flow of news helped to lift a number of individual shares.

Independent News & Media was among the main beneficiaries as investors welcomed the sale of its 19 per cent holding in Portuguese media group, Lusomundo. The company rose five cents to 1.80 as three million shares were traded.

Grafton climbed seven cents to 5.40 on volume of close to five million shares, three million of which was generated through a director share placing at the slightly discounted price of 5.30.

The main banks were lacklustre by comparison, with AIB falling eight cents to 12.30 and Bank of Ireland dropping 10 cents to 10.28.

Anglo Irish Bank went against the sectoral trend by closing five cents stronger at 9.80. Irish Life & Permanent added 12 cents to finish at €11.46 in line with a positive European insurance sector.

CRH also had a good day, helped by upgrades for its US peers and the stronger dollar. The stock rose 32 cents to €16.21 on volume of just 900,000 shares.

Ryanair continued to surge on the expectation of a positive ruling on Charleroi. Shares closed 15 cents higher at €6.68 last night on volume of 3.7 million units.

Elsewhere, business was relatively quiet, with the exception perhaps of Waterford Wedgwood, where almost 2.5 million shares changed hands. The stock rose three cents to 28 cents.

The most notable rise on the day came from Iona Technologies, which closed 55 cents higher at 2.85 in advance of tomorrow's results.

Engineering firm Oglesby & Butler rose seven cents to 27 cents upon news of an MBO approach.

Settlement Day: October 16th