THE Irish equity market powered to a new high, boosted by strong demand for the leading industrial stocks and a movement of funds into second liners. Yesterday's trading saw new highs for many of the industrials and further growth seems likely given the level of the demand.
Not surprisingly, CRH was in heavy demand after the profit taking following its results. The shares dealt heavily as they rose 15p to 545p. A plethora of positive media comment from Britain partly accounted for over 1.3 million shares trading in London.
Smurfit also consolidated after Tuesday's sale of the Tiger stake and the share gained 1p to 152p.
Good results from Woodchester helped to push the shares up 2p to a three year high of 195p butt other financial stocks did little.
AIB was unchanged on 331p, Bank of Ireland was just 2p higher on 444p, Irish Permanent lost 2p to 385p and Irish Life was 2p firmer on 252p.
Independent increased in after hours dealing and closed up 39p on a new high of 465p. Some in the market believe that the strength of the share may tempt the group to a rights issue, especially if it is tied in with an acquisition.
Kerry gained 10p to 535p after the good results although Greencore eased back 3p to 295p and seems to be finding the 300p mark a hard barrier to break.
Some of the cash generated by the Inishtech and Flogas takeovers is now finding its way back into other second liners and a whole clutch of shares was improved. Adare was up 5p to a new high of 460p, Ardagh gained 14p to 150p, and Clondalkin was 8p higher on 430p. DCC was 11 1/2p higher on 246 1/2p - the share's best level since shortly after its 1994 flotation.
Fitzwilton added 2p to 44p, Powerscreen dealt up 3p to 397p on its first day's trading in Dublin, Green was 3p higher on 212p while Unidare was up 4p on 294p. The placing and open offer by Dragon had no impact on the share which was unchanged on 1 1/4p - most of the shares are held outside Ireland.
Navan dropped 13 1/2p to 184p sterling despite the announcement of the Homestake investment in its Caspian Sea interests. Arcon dealt busily and closed up 3p to 34p - its best level since last year's rights issue.
