Sharp falls on global markets due to soaring oil prices failed to weaken Irish stocks. Shares on the Dublin exchange rose 0.34 per cent as the ISEQ index added 18.78 points to close at 5,495.71.
A trader said negative sentiment worldwide about fuel prices - which hit 10-year highs - and the weakening euro - which hit new lows against the dollar - did not filter through to domestic trading.
Financials lost 0.08 per cent, but there was a "fair wind" behind stocks in the sector, according to one dealer. Irish Life & Permanent finished 10 cents stronger on a year-high of €11.30 after the lender commenced the first tranche of a €150 million share buy-back, designed to reduce its high capital level and enhance earnings, by purchasing €50 million of its own stock. The former building society said in September that the buy-back would be implemented on a rolling basis and more than 3.5 million shares changed hands yesterday.
Bank of Ireland gained one cent to close at €7.55 while AIB lost seven cents to finish at €10.93. Struggling mortgage lender First Active declined by two cents to close at €1.92 while Anglo Irish eased one cent to €2.47.
Industrials rose 0.51 per cent, buoyed by a recovery in index-leader Elan, which rose €1.75 to €61.25 after falls prompted by a $1.8 billion share deal to purchase US group Dura last week.
CRH lost 30 cents to finish at €17.68. A trader said the market was still digesting a share placing last week.
Eircom lost ground in light trading, closing 10 cents weaker at €2.50, amid continuing uncertainty about the fate of the 21 per cent shareholding by Dutch group KPN. Other losers included Greencore, which finished seven cents weaker at €2.90. Green Property finished 14 cents stronger at €7.00 and Kerry Group gained 19 cents to close at €15.00. Ulster Television, which reported a 24 per cent rise in operating profits to £6.7 million sterling, finished 65 cents stronger at €5.95.
