DUBLIN REPORT: Iseq: 2.094.94 (+79.17) Settlement date: March 19thFINANCIAL STOCKS led European markets higher yesterday, and the upward momentum spread to the Irish Stock Exchange, which gained almost 4 per cent on the day.
This positive sentiment was primarily due to British bank Barclays, which said yesterday that it had experienced a strong start to 2009.
This follows similar comments from US banking giants Bank of America, JPMorgan Chase and Citigroup last week.
According to one broker, “markets were looking for something to rally on” and “latched on to” the Barclays statement.
As a result, banks were the big movers on the Irish market, with Bank of Irelandmarking up almost nine cents to €0.367 and AIB gaining seven cents, to close at just over €0.58.
Irish Life & Permanentlagged behind, but still managed to add over 5 per cent to its share price to finish at almost €0.77.
Brokers reported good buying interest in CRHin advance of the expiration of its rights issue tomorrow. The market heavyweight bounced more than 5 per cent to just under €15.53.
Kingspanalso enjoyed a positive day, trading up by over 7 per cent to finish the session at €2.718.
Meanwhile, DCCrose 39 cents to €12.40, with brokers attributing this gain to the fact that the industrial holdings group is due to join the Dow Jones Eurostoxx index later this week.
Despite speculation that Cheltenham was not a good week for bookmakers, Paddy Powerdefied the odds and ended the session 20 cents higher at €12.30, with some arguing it had been oversold last week.
Independent News & Mediacontinued to benefit from last Friday's announcement of a major reshuffle of its board of directors, jumping more than 17 per cent to €0.20.
