IL&P shares 'a good buy'

BUY Irish Life and Permanent shares to get a 3.8% dividend in May, Dolmen Stockbrokers advised clients yesterday.

Dolmen analyst Stuart Draper rates IL&P shares a buy after the company announced a record result which surpassed broker expectations. The share price rose by 0.9% on foot of the excellent results, to €8.95 yesterday.

Mr Draper believes IL&P shares are seriously undervalued, even if there is no improvement in equity markets from current levels for the rest of 2003.