Busy day for key players as CRH sees price recover

Iseq: 2,930.43 (+8.77)

STRONG PERFORMANCES from a number of key players boosted the Dublin market yesterday, keeping it in line with European peers.

Traders said the day was busy, thanks to results announcements from DIY and builders’ merchant Grafton, which owns the Woodie’s and Atlantic Homecare chains, and Fyffe offshoot Total Produce, as well as activity around other stocks that reported this week.

Grafton shed 5 per cent to close at €3.52, despite reporting an increase in pre-tax profits of 88 per cent to €25.6 million.

Dealers said the company has had a good run in recent months, and as a result the market had already priced in the group’s basically good fundamentals, leaving little room for any upside.

At the same time, they pointed out that investors had misgivings about a €38 million tax credit that boosted after-tax profits to €64 million and a decision to write down the carrying value of its Irish assets by €10 million. More than 1.7 million of its shares traded in Dublin yesterday.

International building materials group CRH saw its price recover by 1.3 per cent to €16.07 after taking a hit in the wake of its results, which it published on Tuesday. About 900,000 of its shares were traded in Dublin.

Low-cost airline Ryanair was slightly stronger, gaining one-third of a per cent to end the day at €3.999. More than two million of its shares changed hands during trade in Dublin yesterday.

Fruit importer Total Producer, which said profits were up 7.7 per cent to €43.2 million, added 4.63 per cent to close at 45 cent.

Industrial holding and distribution group DCC did well, adding 1.53 per cent to end the day at €23.20.

Packaging specialist Smurfit Kappa continued to make ground, adding 0.62 per cent to close at €8.905.

Settlement date: March 8th