Iseq: 2,974.87 (-10.49) Settlement date:May 20th: THE IRISH market proved more resistant to weak investor sentiment than its European peers yesterday but nonetheless finished in negative territory. Disappointing US housing data hit investor confidence and also weighed on building material stocks including CRH, which in turn knocked the Iseq. The cement giant broke through the €16 level in early trade, but lost its footing over the course of the day, finally closing 12 cents down at €15.77.
Overall there was plenty of stock-specific news to provide momentum. Paddy Power almost hit €34.50 after releasing a positive trading update that showed group revenues up 21 per cent in the year to date, driven by a strong online performance.
This prompted several brokers to upgrade current year forecasts for the company. However the bookmaker, which enjoyed a good run into its numbers, had shed its gains by the final bell and closed five cents off at €34.15.
Cider manufacturer C&C added about half a per cent, or two cent, to €3.60 in advance of its full-year results today.
One broker said investors would be paying particular attention to any mention of activity in markets outside Ireland and Britain where the cider trade is “well-worn at this stage” and consumers were under pressure. “It’s all about the market outside Ireland and the UK,” he said.
Packaging group Smurfit Kappa had a strong session, gaining more than 1 per cent or 10 cents, to €8.35.
Irish Continental Group failed to get a bounce from an interim management statement that held few surprises. The stock, which is very illiquid, slipped 10 cents to €16.65.
Although trade was not particularly brisk in Glanbia, it rose about 3.5 per cent, or 16 cents, to almost €4.56 as investors sought out defensive stocks.
