DUBLIN REPORT: Iseq:2,991.86 (+9.42 ) Settlement date:J une 7th
UNLIKE THE main markets in Europe, the Irish Stock Exchange ended in positive territory yesterday although the overall index stubbornly refused to break through the 3,000 mark, finishing the day on 2,991.86.
After an extremely volatile day on Tuesday, Bank of Ireland performed more strongly yesterday with the ordinary shares closing on 75.6 cent, a gain of 4.1 cent or 5.73 per cent.
The nil paid rights to buy stock in the upcoming rights issue also traded strongly up to 19.1 cent, a gain of 27.3 per cent, in sharp contrast to earlier in the week when they traded in single digits.
One Dublin trader noted that the performance was a good statement of confidence in the stock.
Elsewhere in the financials, Irish Life & Permanent had a good day with 2.25 million shares traded, driving the stock up to €1.89, up 2.22 per cent. AIB was the weakest of the financials, dipping back below the €1 level and finishing a lacklustre session on 97.7 cent, down 4.22 per cent.
On a day of light volumes generally, most interest centred around food and consumer-facing stocks.
Although Glanbia finished flat on the day at €3.10, traders noted there was a lot of interest in the stock. Similarly, Greencore treaded water at €1.27 on a day when 1.4 million shares changed hands.
Market heavyweight Kerry Group was the best performer in the sector and added 70 cent, or 3.18 per cent, to close on €22.70.
The food stocks held the market up on the day but there was also strong volumes traded in drinks group C&C. The share price lost momentum towards the close and was up just 2 cent at the bell to close on €3.23.
While global drinks group SAB Miller had results, dealers felt this didn’t have much impact and the stock is generating its own momentum as the new beer and cider strategy takes effect.
