DUBLIN REPORT: Iseq: 2,697.05 (+21.32) Settlement date: November 18thTHE IRISH market advanced in line with its European counterparts yesterday, thanks largely to a strong performance from CRH.
The building materials group gained traction after holding an investor day in London on Friday, and in New York yesterday. According to analysts, comments made by CRH at these events indicate that dividends will be maintained this year.
The stock, which is the largest component of the Iseq index, traded about the €13 level early in the session, but jumped almost 5 per cent, or 64 cent, to finish at €13.69.
AIB remained in favour yesterday, gaining another 5.7 per cent, or about two cent, to finish at just under 41 cent. However, volumes in the stock were thin, with just two million shares changing hands.
Following the release of its interim management statement on Friday, Bank of Ireland was downgraded by NCB yesterday, because of the bank’s increased government guarantee costs. The stock was almost 3 per cent – or 1.2 cent – softer at just under 40 cent, on very heavy volume.
Elsewhere, packaging giant Smurfit Kappa finished stronger after a “torrid time” in recent sessions, one broker said. The stock finished at €7.80, a gain on the day of 1.5 per cent or 12 cent.
In the airline industry, Ryanair slipped 5.5 cent to €3.80 in advance of easyJet’s full-year results today. Former State carrier Aer Lingus moved in the opposite direction and closed up 1.4 per cent, or 1.5 cent, at €1.055.
Oil and gas firm Aminex, which announced yesterday that it had raised about £1.7 million through the issue of new shares, rose 25 per cent, or two cent, to finish at 10 cent. Fellow exploration company Petroneft Resources, which held an extraordinary general meeting yesterday, shed 2.5 cent to 70 cent.
