Market report: Kingspan and Grafton provided the focus for investors in Dublin yesterday, pleasing the market with positive trading statements.
Kingspan told the market that its sales growth would be better than expected and immediately prompted analysts to upgrade their forecasts for the next couple of years. The shares traded to an all-time high of €7.63 on foot of the news. This left Kingspan trading 37 cent higher on the day, or 5.1 per cent better.
Grafton, which has recently incorporated the Heitons business, also brought good news promising a good growth story for investors. Dealers said the stock was attracting international interest which helped it to forge ahead.
Grafton closed just over 5 per cent higher at €9.13, also hitting its all-time high, up 46 cent.
In other corporate news, Elan announced that its proprietary NanoCrystal technology is being used by Johnson Pharmaceutical Research and Development in a phase 3 clinical trial of a long acting injectable formulation of its paliperidone palmitate in patients with schizophrenia. Elan was up 25 cent to €21.70.
The banks were generally weaker largely due to profit taking. AIB lost 5 cent to €15.45.
Yesterday Davy Stockbrokers upgraded its price target for the stock from €16.60 to €18 although, the previous day, Merrill Lynch downgraded AIB and Bank of Ireland.
The Republic's second-biggest bank was weaker, closing at €12.05, down one cent.
Anglo also drifted lower, shedding 18 cent to €18.70.
Irish Life and Permanent was down 11 cent to €14.10.
CRH shares were up 9 cent to €20.19. Greencore, which announced the closure of its Carlow plant, ended 8 cent lower at €3.06, although dealers said the news had little impact on the shares.
Other shares traded included C&C which rose 8 cent to €3, Kerry down 3 cent to €17.90 and IAWS which rose 5 cent to €12.57. Waterford Wedgwood was unchanged at 7 cent.
Settlement Day: January 15th
