Financials in buoyant mood

THE Irish Index of shares performed strongly yesterday, driven

The financial sector was bucked significantly by Allied Irish Bank’s announcement of an alliance with M&T designed to create a major US regional bank in a deal worth $3.1 billion. Allied Irish Bank’s share price closed 1.02 higher to 12.50. Other financial shares that followed suit by gaining territory yesterday included Bank of Ireland, adding 25c to 10.40, Anglo Irish Bank climbing 23c to 6.20 and Irish Life & Permanent, rising 55c to 11.80. IFG lost 3c to 75c. Overall, the Financial Index of shares closed up 406.83 points to 8122.56 points.

Pharmaceuticals had a positive day, with United Drug finishing 30c higher to 13.15.

Elan Corporation improved 25c to 2.30. Galen lost 5c to 6.00.

Elsewhere, on a positive day for Irish shares, other notable movers included Sherry FitzGerald, up 14c to 1.10 and Alphyra Group, rising 22c to .52. CRH lost 15c to 13.60.