Iseq: 2,918.23 (+31.86)

IRISH LIFE Permanent had an eventful day following rumours of a possible takeover by insurance giant AXA. Having soared more than 20 per cent at one stage, the stock settled, with the market consensus that the rumour was unfounded and sources close to both companies rejecting the claim. Nonetheless, IL P outperformed the other two financial stocks, advancing 6 per cent to close at €3.50.

AIB and Bank of Ireland started the session on a strong footing in line with a rally in banking stocks in the UK. After climbing steadily in the morning, AIB fell off at lunchtime, ending the day only slightly higher at €1.59. Bank of Ireland also fell, though it fared better than AIB, closing 3.5 per cent higher at €1.70.

The drop-off in afternoon trading was a feature of the overall performance of the Iseq, with the index closing at the lower level of its trading range during the day, as European markets fell back and index-heavyweight CRH sold off in the final hour of trading.

Speculation from the US that jobless data due tomorrow will be weaker than expected may have contributed to the sell-off, said one trader. Nonetheless, the Irish market outperformed its European counterparts.

Ryanair was the star performer, gaining 4.3 per cent on the day to close at €2.94. The company released traffic statistics which showed a 15 per cent rise in passenger numbers in November. One trader also noted that the stock was “due a bounce”, having traded lower in recent weeks.

Kerry Group continued its strong performance of late, adding another 5 per cent on the day.

CC rose more than 2 per cent to €2.94, as the news of the companys acquisition of a British cider company earlier this week continued to sustain investors interest.

Settlement Date: December 8th