DUBLIN REPORT: Iseq:2,944.57 (+68.16) Settlement date:August 25th
AFTER THE sluggish movement of previous days, the Iseq index jumped 2.5 per cent yesterday, to end the day in positive territory, in line with the main European markets, which all ended higher as concerns on the economic outlook began to ease. Trading activity in Dublin continued to be subdued, however, as markets held back ahead of a busy results week next week, which will see interim trading statements from index heavyweights such as CRH, Irish Life Permanent and Kingspan.
The index was bolstered by gains in building materials group CRH,the largest constituent in the index, which advanced by 67 cent to €18.57. The gains mirrored the performance of construction stocks across Europe which rose after results from Holcim, the world's second-largest cement maker, pleased investors.
The performance of banking stocks was mixed. AIBended the day over 6.5 per cent higher at €2.12. Bank of Irelandalso closed up at €2.12, a gain of almost 3 per cent, or 6 cent. However, IL&P finished the session lower, losing five cent to end at €3.60 ahead of its interim trading statement due next Wednesday which analysts predict will show the effects of loan losses and lower new business sales.
Shares in food group Greencorecontinued to stabilise in the wake of speculation about the status of troubled property developer, Liam Carroll's 29.5 per cent shareholding in the company. It ended the day 0.76 per cent higher to close at €1.33.
C&Cwas another stock on the move yesterday. It closed up almost 3 per cent, a gain of six cent, to end the day at €2.10.
Despite the fact that data from the Revenue Commissioners showed a decline in cider excise receipts in June, investors are positive ahead of C&C’s agm next Friday at which the company is expected to update the market.
