Iseq edges up once again as confidence in CRH builds

DUBLIN REPORT: Iseq: 2,675.23 (+49.28) Settlement date: December 12th  IT WAS the tale of two stocks on the Iseq yesterday, as building materials group CRH continued to the thrive on the back of president-elect Barack Obama's infrastructure stimulus plan, and an embattled Anglo Irish Bank sank to new lows.

CRH, the cement behemoth that now represents 30 per cent of the Iseq index, built on its 7 per cent gain on Monday with a further 8 per cent gain yesterday.

The positive sentiment toward the stock follows the announcement of the biggest public works investment programme in the US since the 1950s.

However, it was a rather different state of affairs yesterday at Anglo Irish Bank, which continued to be ravaged by the collapse of confidence in the banking sector.

The stock traded at lows of 40 cent before closing at 43 cent, down 21.8 per cent or 12 cent on Monday. Some 10 million Anglo shares changed hands.

Elsewhere, shares in the giant food group Kerryplummeted after news broke that the contamination of Irish pork had potentially spread to beef.

But this proved to be just a knee-jerk reaction and the stock recovered at the close to finish down just 10 cent at €15.80.

The stock was named yesterday as one of Bloxham's nine recommended stocks for 2009.

Industrial holdings group DCC, another one of Bloxhams's stock preferences, put in a better performance, rising 3 per cent to €10.61.

Ryanair's shares traded well in the morning, but came off at the close of the session, and its stock finished the day at €3.24, down 2 cent.

Insulation manufacturers Kingspanwas also in demand among buyers in the afternoon, with the stock rising 7.7 per cent to €3.35.

Overall, the Iseq index rose 49 points, thanks largely to CRH.