Share prices pushed ahead steadily following the strong overnight recovery on Wall Street after the positive employee costs figures for the first quarter. Trading volumes were comparatively modest ahead of the bank holiday weekend and most continental markets were closed for May Day.
The main focus among the industrials continues to be Smurfit. The share hit a new closing high of 272p, a rise of 7p on the day, despite some weakness in the JS Corp share price on Nasdaq. The view in the market is that terms on the merger between JS Corp and Stone may be agreed next week, and this will probably boost the share further.
Fyffes also hit a new high of 200p, a rise of 7p, following the support for the stock in a British analysts' magazine, while positive comment in the Investors Chronicle saw a sharp rise in out-of-favour minnow ILP. The shares jumped 6p in London to 33p sterling but were unchanged in Dublin on 28p.
Financials were generally firmer with AIB hitting £10 before closing 18 3/4p higher on 998 3/4p while Bank of Ireland was 5p higher on £14.50.
CRH gained 3p to £10.20 after announcing a $60 million acquisition in the US. CRH has also issued over 730,000 new shares to cover the final scrip dividend.
Fitzwilton hit a new low of 32p before closing down 1/2p on 36 1/2p with no sign whatsoever that a change for the better is in the offing. Rapid Technology dealt as low as 99p before closing unchanged on 105p.
