After a week of extreme volatility, the Irish market delivered a solid performance today, rising almost 3 per cent.
Stock markets built on yesterday's recovery today as investors speculated that fears of a sharp global slowdown were overdone, while rumours surrounding French banks retreated. The imposition of a ban on short-selling by four countries also appeared to help both European and US markets.
The Iseq index was bolstered by CRH, which rebounded ahead of its interim results which are due to be published next Tuesday. The cement giant’s share price had plummeted to an intra-day low of €10.86 on Thursday, a level not seen since February 2003, but it regained 3 per cent today to close just below €12.10.
Food ingredients company Kerry Group, which also reports first-half results next week, delivered a strong performance. The stock added more than 3 per cent, or 81.5 cent, to close just below €26.04. Elsewhere in the sector, Glanbia finished more than 5 per cent ahead at €4.00.
In the airline industry, Ryanair enjoyed a good turn after RBS upgraded the stock to a ’buy’ rating. It closed the session almost 4 per cent up, or 11 cent, at €3.05. Rival airline Aer Lingus also ended the day in positive territory, adding one cent to 60 cent.
Today's session brought to a close a remarkably turbulent week. “I’ve been working in this business 26 years and I don’t think I’ve seen volatility like this,” a Dublin broker said today.
National benchmark indexes advanced in every western European market. France's CAC 40 Index rose 4 per cent. The UK's FTSE 100 Index gained 3 per cent and Germany's DAX Index climbed 3.5 per cent.
Additional reporting - Bloomberg