It was a good day across the board on the Irish market today, as a pre-election rally saw stocks advance throughout Europe and the US.
The Iseq added 57.11 points, or 1.9 per cent, to finish the day up at 3,082.35. However, while one broker asserted that the "worst might be over", the percentage increases enjoyed by some stocks continue to flatter to deceive, as weak volumes, combined with historically low share prices, mean that increases are less significant than they may first appear.
Financial stocks advanced largely in line with their European peers, with Bank of Ireland the star performer. It came off its previous day's lows to advance by 23 cent, or 10.8 per cent, to climb to €2.33.
Anglo Irish Bank added 7 cent, or 3.3 per cent, to finish the day at €2.20, while Irish Life & Permanent was also up on the day, and it gained 5 cent, or 2.0 per cent, to finish at €2.40.
Ahead of AIB's interim management statement tomorrow, the stock was fairly flat, having been up for by about 4 per cent for most of the day. However, it fell back just before closing, to finish the day up almost 1 per cent, or 4 cent, at €4.24.
Ryanair extended its gains yesterday, as institutional investors respond positively to the management's current roadshow. The stock closed up by 16 cent, or 5.6 per cent, at €2.99.
Independent News & Media saw heavier than average trading today, which helped the stock add 5 cent, or 7.6 per cent, to advance to €0.71.
Drinks group C&C also performed strongly today, as it increased by 7 cent, or 5.8 per cent, to finish the day at €1.18.
Oil explorer Petroneft Resources saw its share price spike by over 70 per cent after it provided an update of its drilling operations in Siberia, and it closed up by 9 cent at €0.21.
Pharmaceutical firm Elan was again a loser, falling by 72 cent, or 11.8 per cent, to drop back to €5.40, while Aryzta also declined on the day, losing 25 cent, or 1 per cent, to close down at €26.50.
Ahead of the US election, stocks rallied. Mastercard, the world's second largest credit-card company, jumped on better than expected earnings, while Citigroup also advanced as inter bank lending rates declined. By 10.20 am, the S&P 500 Index was up by 24.06 points, or 2.5 per cent, to 990.36, while the Dow Jones Industrial Average had risen by182.55 points, or 2 per cent, to 9,502.38.
Across Europe, indices in all 18 western European markets, except Iceland, rose today, on the back of good earnings results and falling money market rates. The Dow Jones Stoxx 600 advanced for the sixth day in a row, climbing by 4.4 per cent to 233.10.
In the UK, Marks & Spencer jumped by 5 per cent after beating forecasts, while the FTSE 100 closed up by 196 points, or 4.4 per cent, at 4,639.50.
In France, Societe Generale advanced by 12 per cent, and the CAC 40 closed up 4.6 per cent. Germany's DAX also closed up, by 5 per cent.
