Corporate results keep Iseq in positive territory

DUBLIN REPORT: Iseq:2,932.67 (+34.49) Settlement date:March 5th

THERE WAS plenty of news to shape the trajectory of the Irish Stock Exchange with a plethora of corporates posting results yesterday. Results from leading players including AIB, CRHand Paddy Powerlifted the index, which remained in positive territory throughout the session, finishing up 34 points at 2,933.

AIBwas the main talking point yesterday after the bank posted the first loss in its history. The announcement of an overall pretax loss of €2.65 billion for 2009 and a pretax loss of €3.5 billion for its Irish operations failed to dent its price, with traders noting that the results contained sparse detail, while markets had already factored in the losses. AIB gained 2 per cent, closing at €1.02.

Bank of Irelandrose in tandem with AIB, gaining 4 per cent to €1.02. Irish Life & Permanentwas the best performer among the banking stocks, finishing just under 9 per cent higher at €2.96 ahead of results today.

Building materials group CRH – the largest constituent on the Iseq – finished the day flat, after reporting pretax profits of €732 million for 2009, down 55 per cent from the €1.6 billion recorded a year earlier. Traders noted that yesterday’s results contained no major changes from its trading update earlier this year.

Paddy Power gained 3 per cent after striking a confident note particularly in connection with acquisitions and increasing market share , despite reporting a 15 per cent decline in pretax profits for fiscal 2009 to €67.2 million.

Construction group Kingspanrose after the publication of results that were in line with expectations. It rose 4.5 per cent to €5.80, but volumes were low.

Other movers included mobile data services provider Zamano.It fell 17 per cent or 3 cent to €0.14 after it said it returned to profitability last year despite a 39 per cent fall in revenues.