ISEQ report: Anglo-Irish performing well

Shares in Anglo-Irish bank continued to perform well on the ISEQ today maintaining yesterday’s €10 landmark price.

Analysts believe shares in the company are ‘treading water’ at the moment and will continue to rise over the next 12 months.

Anglo-Irish’s market capitalisation now stands at €3bn and is likely to attract larger investors.

Current shareholders are also unlikely to sell in the short-term - the share price has already risen 48% in the year to date - due to optimism over further rises and the faith they have in chief executive Sean Fitzpatrick.

Meanwhile bookmakers Paddy Power saw its share price remain static at €6.25.

The firm has responded to UK bookmaker Stanley's decision to introduce tax-free betting by offering a similar service on its outlets which are near to Stanley’s.

Analysts believe that Stanley may want to force its competitors’ hand to bid for it so it can exit the Irish market.

Other movers today were CRH down 34c to €16.25 while Ryanair was up 8c to €6.75 after it announced a twice daily service from London to Reus-Barcelona which begins in November.

The low-fares airline expects to carry 1.5m passengers on its Spanish routes in the future.