Iseq:3,407.45 (+37.07) Settlement date:April 26th
THE FINANCIAL sector was “beaten up pretty badly” yesterday, according to a Dublin broker.
Irish Life & Permanentled the downward charge, and closed the day off more than 6 per cent, or 22 cent, at just under €3.26. Bank of Ireland, which is expected to release details of its capital raising plan as early as next Monday, sank 1.5 per cent – about 3 cent – to €1.82, while AIB closed 5 cent off at €1.55. These falls were believed to have been sparked by a European-wide sell-off in financial stocks yesterday, rather than any domestic factors.
CRHwas very actively traded, with nine million shares in the building materials group changing hands. The stock hit a 52-week high of just under €20.82 during the session and closed up almost 3 per cent at €20.48.
Airlines were stronger as Irish airspace reopened and flights resumed. Davy analyst Stephen Furlong said that although the impact of the volcanic ash disruption on Ryanairwas significant, its summer trade shouldn't be affected. Investors continued to favour the stock, pushing it up by over 2 per cent, or 8 cent, to €3.91.
Aer Lingusalso enjoyed a positive day and added 1.4 cent, bringing it to 71.4 cent.
Food group Glanbialost some of the ground made on Tuesday after it conditionally accepted a bid for its Irish dairy and agri business from the Glanbia Co-operative Society. The stock initially saw some follow-through from that announcement yesterday, and tipped €3.38, but by the close it had declined to just below €3.26.
Bookmaker Paddy Powercontinued to trade ahead and closed up 1 per cent, or 26 cent, at €26.00. Newspaper and communications group Independent News & Medianudged ahead fractionally on decent volume to just under 14 cent.
