THE Irish market hit a succession of highs early this week before slipping back amid a general fill on world markets. Stronger than expected US growth figures hit the markets on Thursday while jobless figures had an impact yesterday.
The bond markets also took a hit late in the week. On Thursday, the key 10 year bond lost over a point and yields continued to rise yesterday.
At the beginning of the week, financials led the charge with many key industrial stocks hit by profit taking. However, the bond market slump on Thursday hit both major banks hard and both ended the week down.
A cautionary ratings report from Standard & Poor's accounted for a late slip in Bank of Ireland's share price on Wednesday. At the same time the agency upgraded its credit rating for AIB.
Although the industrials were hit by profit taking early in the week, CRH's flurry of acquisitions continued to buoy the stock somewhat. CRH announced it was moving into Paris with a £7 million acquisition of a 50 per cent share holding in a chain of building merchants. It is buying the interest in Materiaux Service which has 14 builders' merchants in the greater Paris area. On Thursday the rapid expansion programme continued with the announcement of a £12 million purchase of two Dutch builders' merchants.
A Goodbody research note stating that it took a "a cautious view of the shares at current levels" held the price back a little. CRH also issued 788,370 shares to chose shareholders who opted for a scrip dividend rather than cash.
Smurfit also gained early in the week on an announcement by International Paper in the US of a $50 a ton increase in the price of liner board from June 1st which, if it held firm, would help Smurfit's US affiliate JS Corp. The appointment of Paddy Wright as the group's president and chief operations director was also seen as positive.
The change of attitude towards industrial holding companies DCC and James Crean continued to be in evidence, with both shares receiving good interest.
Fitzwilton also benefited from the change in sentiment. An announcement from a UBS subsidiary that it had bought another 2.1 million shares to bring its stake to 15.36 per cent, making to Fitzwilton's largest shareholder, also helped sentiment.
M&G emerged as buyer of 3.1 million Heiton shares, or 7.1 per cent of total equity.
Boxmore International continued on the acquisition trail, announcing negotiations with Glaxo to take over the pharmaceuticals packaging side.
Dana Petroleum lost out after revealing an increase in pre-tax losses from £247,938 to £678,006. Tullow recorded small increases and heavy interest in London. It recorded a marginal increase in pre-tax profit.
Waterford Wedgwood attracted interest from international funds while stronger sentiment in the construction industry pushed Grafton Group to an all time high of 600p.
Pharmaceutical company Elan" continued to record strong growth. Pre tax profits rose by 35 per cent from £42.1 million to £56.8 million in the year to March 31st, 1996.
