The Dublin market was relatively calm yesterday. After a hectic week which saw the market gain 1.5 per cent, trading settled down somewhat ahead of the weekend as investors took stock of the latest developments.
The two banks continued to be the focus of attention, with AIB in particularly strong demand. Both stocks were well bid, with AIB surging to gain 11p on the day to 3921/2p.
Bank of Ireland started strongly, moving ahead to 520p in early trading. Throughout the day, however, it proved unable to sustain those levels drifting back to close at 515p, down a penny.
CRH also came back strongly, moving up to highs of 642p, before easing back to 637p, to gain 5p on the day. Smurfit slipped a penny to close at 168p.
Apart from the surge in the banking sector, the market showed no strong features. In general, most stocks managed to firm on the back of the stronger sentiment.
Irish Life gained a 1/2p to 257p, Woodchester was unchanged at 215p while Hibernian went 5p higher to 285p.
Among the food stocks, Avon more remained at 175p, Golden Vale added 11/2p to 62p, while Kerry gained 5p to 665p.
Trading in the bond market was fairly subdued with fresh British economic data unable to disturb performance levels. The 8 per cent bond due in the year 2000 rose 30p to £106.60 to yield 6 per cent while the 8 per cent bond due in 2006 rose 25p to close at £107.40, yielding 6.81 per cent.
