Iseq:2,882.57 (+8.35) Settlement date:June 29th
THE IRISH market got off to a bullish start yesterday, but early gains fizzled out over the course of the day to leave the Iseq index just slightly ahead at the close.
Airline stocks fared well after the International Energy Agency’s decision to release 60 million barrels of oil stocks into the market pushed oil prices down below the $110 level on Thursday for the first time in months.
Ryanair traded on reasonable volumes, and the low fares airline tipped €3.70 at one point. It pared its gains by the close, finishing about half a per cent, or two cents, ahead at €3.62.
Rival carrier Aer Lingus, which has been under pressure of late, recovered as buyers came back into the name yesterday. It rose almost 3 per cent, or two cents, to 72 cent.
The top spot was once again reserved for mining stock Kenmare Resources, which has been going from strength to strength in recent weeks as the price of rare earth minerals continue to rise.
The stock finished almost 6.5 per cent ahead at 64.5 cent on the Irish market, where it has a secondary listing. However on the London Stock Exchange, where most of the trading in the name takes place, it rose the bones of 8 per cent to 58p.
Convenience food company Greencore saw decent buying interest yesterday which pushed it about 1.5 per cent, or almost two cents, higher to €1.03. Elsewhere in the food sector, Kerry Group retreated 19 cents to close at €28.
Cider maker CC also closed in positive territory, gaining more than 1 per cent, or about five cents, to finish just below €3.52.
Overall the Iseq index lagged its European peers, closing 8.35 points up, or about 0.3 per cent at 2,882.57.
According to a Dublin broker, the ongoing debt crisis in Greece is largely factored into market prices by now.
