DUBLIN REPORT: Iseq: 2,947.25 (+29.17) Settlement date: July 29thTHE IRISH index kept pace with rising European markets yesterday, propelled by buoyant banking stocks.
Allied Irish Banks (AIB) and Bank of Ireland were among the 84 banks to pass the EU stress tests last week. As the results were announced after the markets had closed on Friday evening, the full impact was absorbed by markets yesterday.
AIB bounced about 5.5 per cent, or five cents, to 95 cents, while Bank of Ireland gained almost 5 per cent, or 3.6 cents, to just under 78 cents.
In terms of volume, the market centred around the banks. Some 13.5 million Bank of Ireland shares changed hands in Dublin. Volumes in AIB shares improved from recent levels to 2.5 million shares yesterday. “It’s good to see a few buyers coming back into the game,” one trader said.
Otherwise it was a typical Monday session, with volumes thin and the market pretty featureless in terms of newsflow.
Exploration company Tullow Oil was the exception, recording gains after announcing an oil discovery in Ghana. “This significant discovery is critical as it ends Tullow’s . . . relatively disappointing drilling updates over the past 12 months,” Bloxham stockbrokers said in its morning note.
The stock jumped more than 5 per cent to £12.39 (€14.77) on the London Stock Exchange.
The Iseq was also helped by building materials group CRH, which put in a strong start to the week, rising 1.7 per cent, or almost 28 cent, to €16.48.
Kingspan was also positive, closing up about 1.4 per cent to just under €5.48.
Ryanair, which announced to the market yesterday afternoon that its chief financial officer Howard Millar had exercised share options, gained about 0.5 per cent, or two cents, to close at €3.95.
