Dublin Report: The Irish market bucked the global trend yesterday, failing to react to the interest rate jitters seen in other parts of the world.
The Iseq added 69 points, or 1 per cent, to end at 7,371.29, boosted in particular by a strong performance from the banks.
Anglo Irish Bank led the way, rising more than 4 per cent on decent volume. Just under four million shares changed hands in Dublin as the stock closed up 45 cent, at €11.35. Bank of Ireland was also a gainer, playing what one dealer described as catch up following a poor showing over the past few sessions. About 6.6 million shares changed hands in Dublin as the stock added 20 cent, or 1.5 per cent, to end at €13.81. Things were quieter for AIB, which gained 10 cent, or half a per cent, to close at €18.25.
A positive trading update from insurer FBD failed to excite the market, and the stock remained unchanged at €35.
Independent News & Media lost more than 2 per cent after delivering what appeared to be a pretty upbeat trading statement.
The group said it expected earnings to grow by 10 per cent in the first half, helped by a solid increase in revenue. The shares ended down five cent, at €2.25, a decline one dealer attributed to the fact that the forecast was in line with expectations and that investors had been hoping for some sort of upgrade.
Food group Kerry rose more than 4 per cent after it said it would buy back as many as 2.8 million shares, representing 1.5 per cent of its total share capital. It ended up 71 cent, at €17.01.
Things weren't so good for Kingspan, however. Shares in the building materials group fell 25 cent, or 1.9 per cent, to €13.05 after it announced plans to buy two insulation board makers in a deal worth €87 million. Dealers welcomed the acquisition and said the share decline wasn't reflective of the general reaction.
In its first day of trading on Dublin's IEX, software group Norkom added six cent to close at €1.30, an increase dealers said would be considered a big success. About 125,000 shares changed hands.
