Iseq matches European gains, up 3% on light trading

DUBLIN REPORT: Iseq: 2,913.29 (+85.30 ) Settlement date: July 9thBUOYANT EUROPEAN markets saw the Iseq close up by 85.3 points, or by 3 per cent yesterday. Indices across Europe bounced off their previous lows to finish the day on a high. Although the Iseq ran out of steam at the end of the day, it still finished close to the day's highs, at 2,913.29.

However, volumes were light across the board, with one broker highlighting the “disappointing levels of volume”.

Financials performed strongly, with AIB leading the pack. It advanced by 8 cents, or 9.3 per cent, to close at € 0.94. Irish Life also ended the day up, after a positive broker report helped it add 11 cents, or 7.4 per cent, to finish up at € 1.59. Bank of Ireland closed up by four cents, or 5.8 per cent, to finish at € 0.66.

CRH had a good solid session ahead of the publication of its latest trading statement today. It added 60 cents, or 3.6 per cent, to finish the day at € 17.12

Buildings group Grafton also performed well, adding 19 cents, or 6.4 per cent, to close at € 3.24.

The big stock-specific news yesterday was the decision by the European Court of Justice to uphold the blocking of Ryanair’s takeover bid of Aer Lingus. The announcement came as no surprise and had little impact on Ryanair, which continued its good performance, adding eight cents, or 2.2 per cent, to close at € 3.75.

Drinks group CC also saw its shares rise by eight cents, or 2.4 per cent, to finish the day at €3.33, while Smurfit Kappa was also up yesterday. It added 18 cents, or 2.6 per cent, to finish up at €6.95.

There were few losers, marking a return to form after almost two weeks in the red.

One of the few to see their share price decline was construction firm McInerney, which dropped almost a cent to close at six cents, while insurance firm FBD was also in the red, losing six cents, or 9.5 per cent, to finish on € 6.50.