MARKET REPORT:IT WAS a good day on the Irish market yesterday as a pre-US 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 said 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 € 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 today the stock was fairly flat, having been up 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 responded positively to the management's current roadshow. The stock closed up 16 cent, or 5.6 per cent, at € 2.99.
Independent News Media saw heavier than average trading yesterday, which helped the stock add 5 cent, or 7.6 per cent, to advance to € 0.71.
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.
