DUBLIN REPORT: Iseq:2,971.96 (+6.67) Settlement date:November 11th
THE ISEQ closed up after what proved to be a volatile day on the markets yesterday, with early gains wiped out by news of higher than expected jobs cuts in the US, only for stocks to stage a late come-back in the afternoon.
Financial stocks continued to improve, with AIB, buoyed by news that it had successfully sold a five-year bond not covered by the Government guarantee, closing at €1.92, up 9.15 per cent.
Bank of Ireland, finishing at €1.99 up 4.19 per cent and Irish Life Permanent, closing at €4.90 up 3.16 per cent, were both aided by positive market reaction to the news that the Dáil had voted to pass the Nama legislation and easing concerns over EU intervention in the banking sector.
However, one Dublin trader said that Irish financials were simply following the positive trend on European markets yesterday.
Healthcare services provider United Drugperformed well, closing at €2.39 up 3.91 per cent while there was heavy trading on Smurfit Kappa, which closed the day at €5.70, up 5.56 per cent.
Index staple CRHhad a negative day, closing at €17.45, down 3.27 per cent. The construction giant wavered after industry peers Lafarge and Wienerberger reported worsening sales results and no improvement in the US market, where CRH have considerable interests.
Food producer Kerryalso closed the session in negative territory, despite some growth in the sector, finishing at €19.75, down 2.32 per cent.
Aer Lingusclosed at €0.56, up 5.66 per cent after the carrier announced that October passage numbers saw a slight decline from a year earlier to 902,000 for the month. Ryanairwas also up, finishing at €2.91, up 2.11 per cent.
Elsewhere, IFGcontinued its good progress to finish at €1.38, up 2.22 per cent, despite a cautious trading statement.
