SHARE prices of the major financial stocks continued to surge ahead as the market responded to the slightly more positive tone in London and New York and the definitely more favourable tone on European markets.
Three financial shares - AIB, Bank of Ireland and Irish Life - have accounted for the vast bulk of trading in the past week and yesterday was no exception.
Bank of Ireland pushed ahead strongly to close up 6p on 520p while Irish Life was up 5p to match its previous all-time high of 275p. AIB was 2p firmer on 391p while Irish Permanent was 1p higher on 482p.
Among the industrials, CRH clawed back some of the losses it incurred after the Redland profits warning and was 4p higher on 606p while Smurfit gained 1p to 166p.
Elsewhere, the confirmation of Mr Jim Murphy as new chief executive came too late to have any effect on Golden Vale which was 1/2p higher on 66p while Waterford Foods, the parent company of The Cheese Company from where Mr Murphy is moving, lost 2p to 86p.
Greencore was 1p firmer on 360p ahead of full-year results next week; Fitzwilton fell 2 1/2p to 50p while Waterford Wedgwood slipped 2p to 76p.
Gilts made strong gains in late trade on the back of a surge in German bond prices with the biggest gains being logged at the long end of the market. The 20-year gilt closed 95p higher on a yield of 6.75 per cent while 10 and five-year stocks also made good gains to close on yields of 6.42 per cent and 5.74 per cent respectively.
