DUBLIN REPORT Iseq 2,965.40 (+25.37 at close) Settlement Date March 9th: The banks lifted the market today, with AIB and Bank of Ireland both posting strong gains. The Iseq as a whole gained close to 1 per cent, outperforming most of its European peers.
AIB and Bank of Ireland both attracted very considerable volumes, although a seller in Bank of Ireland at €1.05 dominating trade for a time. The bank eventually closed 9.6 cent higher at €1.094.
AIB was even stronger, gaining 20.6 cent, or almost 20 per cent to end the session at €1.245. Dealers said the bank had begun an investor roadshow in the wake of Tuesday’s results.
Irish Life & Permanent did well despite some broker downgrades in the wake of yesterday’s results. Shares added 4 cent to close at €3.02. FBD, which also reported yesterday, was 15 cent stronger at €5.75 as trading ended.
Hard news today came from Grafton, which surprised on the upside with its 2009 results. Analysts highlighted a strong second half within the group’s business and shares rose by 40 cent to €2.85 on decent volume.
Total Produce also outpaced expectations with its 2009 numbers although its outlook was cautious. The stock rose by 1 cent to 40 cent.
Losers on the day included Ryanair, which shed 6.1 cent to finish at €3.46. Dealers highlighted a late trade which drove down the price.
Aer Lingus, which reports next Tuesday, moved in the opposite direction, climbing by 1 cent to 61 cent.
Elan was also under pressure, lacking support as it fell by 22.8 cent to €5.34
Elsewhere, CRH was on the winning side, gaining 24.8 cent to close at €17.064 and support the market as a result.
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