Market rises as financials increase

THE Irish market moved into positive territory yesterday, gaining 48.07 points to 4388.58.

Growth was seen in financial stocks, following favourable results in Britain from both Abbey National and Friends Provident. Anglo Irish Bank added 17c to 8.02, Bank of Ireland advanced 13c to 10.25, and First Active rose 12c to 4.82. Allied Irish Bank was weaker however, slipping 4c to 12.36.

CRH climbed for the fifth day in a row, gaining 2.4% to 16.38. On Tuesday, CRH announced its largest deal ever, acquiring the Dutch building products group Cementbouw for €€693 million. Other significant movers included Elan, 24c higher at 4.14, and Ryanair, up 16c to 6.19.