Market Report: The market put in a solid performance yesterday, climbing by 1.3 per cent as gains were evenly spread across the board.
The most significant mover on the way was Jurys Doyle, which said it had received a new takeover approach at €16.25. Shares in the hotel group climbed sharply in early trade, extending their gains after Jurys made an announcement to the Stock Exchange. The stock ended the session at €16.00, up 80 cent.
CRH also had a good day, as investors welcomed the dollar's renewed strength against the euro. The currency move, which should boost CRH's US profits when they are converted into euro for results, helped to push the company's shares up by 48 cent to €21.00.
The financials were all firmer at the close, as AIB's entry to the Dow Jones EuroStoxx 50 became a real expectation. The bank itself added 15 cent to finish at €17.00, while Bank of Ireland rose by 25 cent to €12.55. Anglo Irish climbed by 20 cent to €9.70 and Irish Life and Permanent closed 20 cent stronger at €13.70.
Dealers said all the banks had benefited from positive reaction to strong private sector credit numbers released on Tuesday.
Ryanair continued to bask in the response to its Tuesday results, gaining 11 cent to reach €6.57 on heavy trade. Analysts have been raising their revenue forecasts for the airline.
Elan was also on the up, adding 20 cent to finish at €6.30 after announcing that it had retired a portion of its outstanding debt. Analysts welcomed the move because it removes some of the risk hanging over the firm.
Eircom had a particularly busy day, with some 3.6 million shares changing hands. The stock dropped by three cent to €1.82.
Grafton was also a loser on the day, with shares falling 14 cent to €9.29. Dealers pointed to a recent director share sale as a possible driver. Kingspan also moved lower, shedding six cent to finish at €9.39.
The Iseq ETF moved ahead again, adding three cent to close at €12.78 on reasonable volume.
Settlement Date: June 7th
