DUBLIN REPORT: Iseq:3,309.13 (+35.51) Settlement date:September 18th
DUBLIN’S ISEQ continued its upward trajectory yesterday, finishing the day 1 per cent higher, as the market was buoyed up by positive retail figures from the US.
All investor eyes were on banking stocks, ahead of tomorrow’s long-anticipated announcement by Brian Lenihan as to the valuation of the banking loans that will be transferred to the Nama.
Bank stocks were jittery ahead of the announcement, and its implications for equity ownership. Despite reaching the €3 mark during the day, Bank of Irelandfinished the day over 2 per cent lower at €2.78. AIBand Irish Life & Permanentfinished the day in positive territory, closing up 3.65 per cent and 2.9 per cent higher respectively.
Shares in pharmaceutical company Elan advanced despite the news that Johnson & Johnsonis to cut the amount it will pay for its 18.4 per cent stake in the company by $115 million to $885 million. The certainty about the actual value of the deal seemed to reassure investors with Elanfinishing 4 per cent higher, a gain of 20 cent, at €5.43. Volumes in the stock were low, however.
Airline stocks put in a strong performance. Aer Linguscontinued its recent run, rising 1.33 per cent to €0.76. Ryanairended the day 9 cent higher at €3.52, as the airline announced the opening of two new bases in Italy.
Independent News & Mediasurged 15 per cent higher during the day, but finished the session with a more modest 8 per cent rise, to end at 32 cent, following the announcement that the company has secured a £40 million (€45 million) printing deal in Northern Ireland.
Food groups had a disappointing day. Kerryshed 16 cent by midday but retracted some ground by ending 11 cent lower, reversing recent gains. Glanbiaended the day almost 3 per cent lower at €2.78.
