DUBLIN REPORT: Iseq: 2,729.06 (+19.61) Settlement date: October 18thTHE IRISH market yesterday rode on the coat-tails of international exchanges which jumped in anticipation of further quantitative easing measures in the US.
The Iseq index closed the session 0.75 per cent higher at just over 2,729. This did not reflect the strength of the performance enjoyed across the market, however, as the Iseq was constrained by a lacklustre result from its main constituent CRH, which added just three cent to close at €12.25.
The banks enjoyed a positive day after international credit rating agency Standard Poor’s suggested on Tuesday that the Irish economy has turned a corner.
AIB rose more than 3 per cent, or just over one cent, to 43 cent, while Bank of Ireland added 3.7 per cent to finish at 64.5 cent.
The news that Irish Life Permanent is in talks with several banks as part of a planned rights issue had little impact yesterday. ILP was only slightly better at €1.60, having traded around €1.58 for the last few days.
In the airline sector, Aer Lingus enjoyed an initial boost after releasing a positive trading statement, but support for the stock evaporated over the afternoon. It ended the day in negative territory, down 1.3 per cent, or 1.5 cent, at €1.13.
Elsewhere, drinks manufacturer CC enjoyed a very strong day. The stock had sold off in the lead-up to the release of its results on Tuesday. However, it recovered well yesterday, gaining almost 5 per cent to close at €3.28.
Building materials group Readymix soared by more than 40 per cent yesterday after announcing it is in takeover talks.
However, the stock is trading at such low levels that this represented a gain of just seven cent and it closed at 24 cent, and one broker cautioned that the stock is “very small in the greater scheme of things”.
