Market prices rise with outcome of US election

Dublin Report: The ISEQ went along with the international mood yesterday by posting gains on the back of the Bush election victory…

Dublin Report: The ISEQ went along with the international mood yesterday by posting gains on the back of the Bush election victory.

The banks were among the main beneficiaries of the upward move, although AIB was left behind in the shift.

The bank finished at €13.77, down one cent. Bank of Ireland did better, as investors looked to next Thursday's results. Shares gained 15 cent to finish at €10.94.

Anglo Irish, which will also report before the end of the month, finished at €15.35, 30 cent stronger.

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Irish Life & Permanent was also in good form, gaining 25 cent to close at €13.50 as the battle to take over National Irish Bank hots up.

Ryanair was firm as it held on to all of Tuesday's post-results gains. Shares touched €4.90 in early trade to reflect the US overnight performance, but eased later to close at €4.69, up two cent.

Some eight million shares were traded in Dublin.

Elsewhere, CRH was stronger as the market considered good results from Holcim, the world's largest cement producer. CRH shares rose by 29 cent to €19.16.

Greencore did well amid speculation that its UK peer, Geest, could be taken private. Shares in Greencore climbed by four cent to €2.86.

IAWS also strengthened, gaining 13 cent to finish at €10.98. The move came on reasonably low volume.

Elan did well as the market welcomed news on how it would account for Antegren on its balance sheet. The stock added 24 cent to close at €21.19 in Dublin and also posted gains in New York.

It was a bad day for the exchange's housebuilders, with both Abbey and McInerney hit by a recognition that their valuations are moving closer to those of their UK peers.

Abbey shed five to finish at €8.05, while McInerney dropped six to close at €5.47.

The busiest stock in the session was Waterford Wedgwood, which closed at 9 cent, down 4 per cent.

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.