Strong gains on international markets on the back of unexpected firm American GDP figures helped the Irish market to push ahead solidly. There were strong gains in particular for technology shares as specialist technology markets across Europe and the US rose by 2 to 3 per cent.
Once again, the heaviest volume was in Eircom but the market is reluctant to push the shares beyond last night's close of #2.65 - at least until there is some firm news about bids for the fixed-line business. Some 7.7 million Eircom shares traded in Dublin with another 3.8 million trading in London.
CRH was given a boost after CSFB analysts upgraded European building materials shares with exposure to the American market. The recent cuts in US interest rates have improved prospects for the industry, says CSFB, which has upgraded from a "hold" to a "buy". Other members of CRH's peer group, including Hanson and Lafarge, also got CSFB upgrades. CRH was 15 cents higher on #18.50.
Financials were firmer in modest trading with AIB up 10 cents to #12.20 while Bank of Ireland added 7 cents to #10.52. Irish Life regained 28 cents to #12.28 after Thursday's buyback while Smurfit added 4 cents to #2.07 in turnover of almost 2.9 million shares. Independent was 4 cents higher on #2.52 as the American fund manager Capital disclosed a 10 per cent stake. This means that Capital has bought 4.3 million Independent shares in recent months.
Riverdeep was the pick of the technology stocks, soaring 93 cents to #4.83 although volumes in the stock were low. Datalex, however, remained weak and closed 40 cents weaker on #2.10, once again in very low volumes. In London, Baltimore was boosted by better-than-expected results from its main competitor Verisign and closed 7 cents higher on 77-1/2p sterling.
