Beverages manufacturer C&C delivered a star performance today, gaining almost 9 per cent against a backdrop of falling European markets.
The Dublin and London-listed drinks company unveiled plans this morning to expand its cider offering with the acquisition of the UK company Gaymer Cider.
The expected cost and revenue synergies, together with the market growth profile, were welcomed by investors who, according to a broker, “placed some faith in management’s ability to deliver”.
The stock finished up 8.5 per cent - or 22 cent - at €2.80.
Both Aryzta and Origin released trading statements earlier today, and the fact that neither company lowered their full-year guidance came as a relief to the market.
Bakery group Aryzta had sold off in the run-up to the release of the trading update, but it held up well today. Although quarter one figures were weak, this was anticipated, and traders noted that there was nothing in the update to drive the stock down further. It closed up 35 cent at €25.15.
Origin was also in positive territory at the close of the session, finishing at €2.20, a gain of close to 5 per cent, albeit on thin volume.
The financials were weak again, with AIB and Bank of Ireland both shedding 9 cent to close at €1.55 and €1.61 respectively. Irish Life & Permanent slipped 6.5 per cent to €3.25.
The largest component of the Iseq index, CRH, sold off pretty swiftly into the close, in line with European markets. Although the cement stock had traded above €17 for much of the session, it had tumbled 37 cent to €16.78 by the finish.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC-40 all ended the day 1.1 per cent lower, as did the Iseq index of Irish shares.
(Additional reporting - Reuters)