Market Report: The ISEQ was the star of Europe yesterday, finishing the day in slightly positive territory as markets elsewhere came in for a dollar-linked hammering.
Settlement Day: September 25th
The rise was due entirely to the financial sector, which ended 2.4 per cent higher as a whole. Dealers said the defensive face of Irish banks was appealing at a time of market upset. AIB rose by 36 cents .39 as about one million shares changed hands. Bank of Ireland was significantly busier, seeing trade of six million shares as it closed 34 cents stronger at €11.20. Analysts are expecting an update on the bank's UK strategy to emerge from a trading statement today.
Anglo Irish won back some of Friday's losses, adding 15 cents to close at 9.45. First Active climbed four cents to 4.96, while Irish Life and Permanent found support at levels above 11.20 and finished six cents higher at 11.28.
The trend was less positive in the industrials, with CRH dropping 40 cents to 16.35 on relatively light trade and Ryanair falling 17 cents to 5.95 as the market continues to nervously await a decision on its airport deal at Charleroi in Belgium. IAWS lost 18 cents to close at 8.90, while Kerry Group closed 10 cents lower at €14.65.
Fellow food group Greencore bucked the trend with a one cent rise to 2.84 after saying it was trading in line with expectations.
DCC also outperformed, climbing six cents to €10.70 after coming under pressure last week. Other outperformers were Jurys Doyle, which rose 20 cents to 10.00, and McInerney, which finished five cents higher at €3.85.
One of the biggest losers on the day was Tullow, which dropped seven cents to 1.19 after issuing a disappointing drilling report.
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