MARKET REPORT: Shares ended modestly higher, with financial stocks again proving the most active. Bank of Ireland gained nine cents to €12.14 but AIB slipped by five cents to €13.55. Whether or not the two big banks would make it on to the Eurostoxx 50 remained the main factor driving the stocks with growing uncertainty that either would get a listing.
Settlement Date: August 26th
Irish Life & Permanent remained popular, however, adding 15 cents to €13.05 as investors looked forward to good results from the group on September 4th.
Galen continued its upward march, adding a further 30 cents to €7.10 in Dublin. It is now just off its previous high this year of €7.20, having unwound most of the losses suffered on foot of concern over hormone replacement therapy treatments.
Meanwhile, Elan shares were broadly unchanged in Dublin, losing just two cents to €2.15 after the company said the Nasdaq planned to delist the company's contingent value rights, issued as part of the acquisition of the Liposome Company in May 2000. However, analysts said the rights were practically worthless and their delisting was a minor issue, although Elan has requested a review.
CRH gained 22 cents to €15.41 as BCP set a 12-month price target of €19 for the stock and recommended that investors use the current weakness as an opportunity to buy.
A number of stocks attracted buyers ahead of upcoming interim results, including Kerry , which gained 25 cents to €15.05, and retail group Arnotts, which also finished 25 cents higher at €10.05. DCC, a strong perfomer of late, added a further 30 cents to €10.70.
