Iseq bucks trend as CRH cements its solid footing

DUBLIN REPORT Iseq: 2,661.39 (+12.72) Settlement date: July 13th:THE ISEQ index of Irish shares bucked the negative trend set by the major European indices for the second consecutive day yesterday, finishing in positive territory – although, only just.

On a day with few climbers, the Iseq was once again boosted by its major component, building materials group CRH, which Dublin-based share dealers said was “storming ahead” despite Tuesday’s trading update, which showed that first-half pretax profits plunged 84 per cent to €100 million.

The stock closed up 3.25 per cent at €16.50, gaining 52 cent. Its entry into the Dow Jones Dividend 30 Index at close of business today may have helped attract a few buyers, as investment managers of funds that track the index will now need to include CRH in their basket of stocks.

There was a reasonable flicker of interest in drinks group CC, which was trading around the €2.20 mark yesterday morning before the release of a positive trading update for the first four months of its financial year saw the cider maker’s share price bounce up to a daily high of €2.48.

Talk of extra investment in its Magners and Bulmers brands following on from a good spell of summer weather was not enough to stop CC from selling off into the close of trading, however, and it finished down 3.3 per cent at €2.30.

Food group Greencore, paper and packaging company Smurfit Kappaand Independent News & Mediawere under pressure, with the last-named trading as low as 16 cent before closing at 19 cent.

Two of the three banks – AIBand Irish Life & Permanent– were also among the heaviest of the fallers in percentage terms. Bank of Ireland, however, finished up almost 3 per cent at €1.45, a share price that means its stock is once again worth more than that of AIB.