Dublin's Iseq continued its upward trajectory yesterday to finish the day 1 per cent higher as the market was buoyed up by positive retail figures from the United States.
All investor eyes were on banking stocks, ahead of tomorrow's long-anticipated announcement by Minister for Finance Brian Lenihan as to the valuation of the banking loans that will be transferred to the National Asset Management Agency.
Bank stocks were jittery ahead of the announcement, and its implications for equity ownership.
Despite reaching the €3 mark during the day, Bank of Ireland finished the day over 2 per cent lower at €2.78. AIB and Irish Life & Permanent finished the day in positive territory, closing up 3.65 per cent and 2.9 per cent higher.
Shares in pharmaceutical company Elan advanced despite the news that Johnson & Johnson is to cut the amount it will pay for its 18.4 per cent stake in the company by $115 million to $885 million.
The certainty about the actual value of the deal seemed to reassure investors, however, with Elan's shares putting in a steady performance throughout the day, finishing 4 per cent higher, a gain of 20 cent, at €5.43. Volumes in the stock were low, however.
Airline stocks put in a strong performance. Aer Lingus continued its recent run, rising 1.33 per cent to 76 cent. Ryanair ended the day 9 cent higher at €3.52, as the airline announced the opening of two new bases in Italy.
Independent News & Media surged 15 per cent higher during the day but finished the session with a more modest 8 per cent rise, to end at 32 cent, following the announcement that the company has secured a £40 million (€45 million) printing deal in Northern Ireland.
Food groups had a disappointing day. Kerry shed 16 cent by midday but retracted some ground by ending 11 cent lower, reversing the gains of recent days. Glanbia ended the day almost 3 per cent lower at €2.78.
Ffyfes was off 4.4 per cent, closing at 43 cent.
