Smurfit has gone through a pretty tough time this year, but the packaging stock was the undoubted star of the day's trading in Dublin, rising 15 cents to €2.85 (£2.24) as investors took the view that another rise in containerboard prices was likely in the first quarter of 2000. Dealers believe the tide of sentiment has turned for Smurfit and some say €3.00 by end-year and €3.50 by the end of March are realistic targets for the share.
Most of the leading stocks, with the exception of CRH, were mar ginally firmer, with CRH 1 1/2 cents easier on €20.06 1/2 (£15.80) despite another "buy" note from Merrill Lynch, who have pencilled in a 12-month target of €25 for CRH.
AIB gained 18 cents to €12.95 (£10.20), Bank of Ireland was three cents firmer on €8.23 (£6.48), while Eircom - unaffected by the Esat bid fever - was three cents higher on €3.98 (£3.13).
Technology stocks had another bumper day, boosted by the early 1.5 per cent gain of the main Nasdaq Index. Esat moved firmer from its overnight level and was trading above $80 (£79.74) as the Dublin market closed, well above the $72 bid price from Telia/Telenor.
There seems to be no stopping Baltimore, which soared £1.87 1/2 to £31.57 sterling (€50.30) in London and which was trading more than $2 1/4 higher on Nasdaq above $49 1/2 (€49.34). Trintech was €2.25 higher at €39 (£30.71) on the Neuer Markt and was trading $3 1/2 higher on Nasdaq at $40 5/8 (€40.49). Other technology stocks to trade higher included Smartforce and Icon.
Independent sold 730,000 bought-in shares back into the market at €5.40 (£4.25) and made a tidy gain in the process - the shares are thought to have been bought in earlier this year at around €4.
