CC brings some sparkle on day of flat markets

DUBLIN REPORT: Iseq:6,482.66 (+ 19.74). IRISH STOCKS closed up 19 points yesterday on a flat day for the equity markets across Europe.

The highest significant climber of the day was cider group CC, which announces its full-year results this morning.

The stock finished up 21 cent yesterday at €4.72, a rise of 4.8 per cent, as investors banked on hearing positive news from management on the inroads made by Magners in the British cider market.

Paper and packaging group Smurfit Kappa, which holds its agm and issues its first-quarter results today, climbed 2.5 per cent, adding 21 cent to finish at a price of €8.68.

Yesterday the local newsflow centred on building and DIY group Grafton, which issued a statement warning of weakening market conditions in April.

It also warned of a fall in UK sales as well as a more subdued trading environment in the Republic.

Its share price promptly plunged in morning trade, but it recovered later in the session to close up 3 cent at €5.44, a rise of half a per cent.

Among the financial stocks, Irish Life Permanent was the best performer, adding 42 cent to close at €11.33, up almost 4 per cent.

There were also small gains for AIB, Bank of Ireland and Anglo Irish Bank, which recorded the highest volume with 4 million shares changing hands.

Despite continued upward pressure on oil prices, Ryanair held its ground yesterday, climbing 3 cent to €3.00.

However, Aer Lingus fell 6 cent to €1.87, a drop of more than 3 per cent, albeit on small volumes.

Analysts from NCB stockbrokers noted that the airline's long-haul traffic was weaker last month even taking into account the impact of an early Easter.

Settlement date: May 13th