Construction sector builds on CRH results

Market Report: It was all about building materials group CRH on the Iseq yesterday, as interim results showing a 37 per cent increase in pre-tax profits to €526 million helped the stock get up as high as €26.85. It eventually closed at €26.60, up 43 cent (1.6 per cent) on the day.

The stock has been gathering momentum since it announced its purchase of APAC last week.

All construction-related stocks had a good day, with Grafton finishing up 26 cent (2.5 per cent) at €10.62 and Kingspan up 15 cent (just over 1 per cent) at €14.15.

Ryanair was the beneficiary of more benign weather. As the threat of a hurricane off the east coast of the US receded, leading to an easing in oil prices to less than $70 a barrel, the airline's share price climbed by almost 2.5 per cent to €7.41, an 18 cent increase on the previous day.

The good volumes in CRH and Ryanair were echoed elsewhere in the market, with Anglo Irish Bank, Fyffes, Independent News & Media, IAWS and C&C all actively traded.

The market peaked around lunchtime, before drifting off a little in the afternoon. Overall, the Iseq finished up 76.74 points.

After the traditional sleepiness of August, and Monday's UK bank holiday, the market is now showing more signs of life, with a busy reporting week pencilled in for next week.

Fyffes enjoyed an impressive day, finishing the day up 3.9 per cent at €1.59, a rise of 6 cent.

IAWS and Independent News & Media continued their recent good runs, with the former stock up 10 cent to close at €16.00 and the media group up 6 cent to finish at €2.45.

Another notable performer was Paddy Power, which climbed 15 cent to €14.00.

C&C continued to bask in the summer success of its cider brand Magners in the UK, adding 5 cent to its share price and finishing the day at €8.55.

Among the banks, AIB rose 10 cent to €20.30, Bank of Ireland rose 14 cent to €14.97 and Anglo Irish Bank closed 5 cent higher at €12.97.