DUBLIN REPORT: Iseq:3,099.68 (+18.93) Settlement date:January 14th

THE ISEQ index advanced by close to 1 per cent yesterday on a day of quiet upward movement for most of the Irish stock market’s heavy-hitters.

Ireland managed to start the week by outperforming the largely flat major European indices, largely as a result of a climb from its dominant component, CRH. The building materials group ended the day up 1.7 per cent at €18.45, following a number of positive comments about the sector from analysts at Goldman Sachs.

Although CRH itself was not upgraded, it traded upwards in the wake of upgrades for its peers.

On the main market, drinks group CC enjoyed the highest percentage climb, finishing up 4.3 per cent at €2.90, following comments by chief executive John Dunsmore in the British press that “ingredients are now in place” for it to deliver on market expectations over the next three years.

It was a generally strong day for the food sector. Kerry rose almost 2.4 per cent and Glanbia closed up 1.1 per cent, following the publication of a report on the US dairy sector which indicated the recovery in global dairy product prices will continue in 2010.

Fyffes ended the day flat, despite issuing a relatively upbeat trading statement: investors appeared to conclude that banana prices were too volatile.

There were gains for several small-cap stocks, including Kenmare, which added two cent to close at 26 cent – an 11 per cent gain – after the exploration group exercised outstanding warrants at a price of 19p, raising £5 million.

Bank of Ireland closed down 3.3 per cent at €1.63. AIB finished down 1.8 per cent at €1.62, while Irish Life Permanent was flat at €3.50.

Ryanair fell 1.5 per cent to €3.39 as analysts at RBS cut its rating from “buy” to “hold”, on the belief there are no new catalysts to drive the stock higher.