Improved European sentiment lifts Iseq up 2.76%

Iseq: 2,682.14 (+72.15) Settlement date: November 8th:THE EURO zone and the European Union may have spent the day on tenterhooks yesterday but the Dublin market took it all in its stride and ended the day up 2.76 per cent.

The unexpected interest rate announcement by the European Central Bank and the apparent abandonment by the Greek government of its referendum plan, added to the positive trend that was evident across European exchanges.

The Dax in Germany and the Cac-40 in France were both up nearly 3 per cent while the London’s FTSE All-Share Index rose by 1.1 per cent.

Dublin traders said volumes were reasonable and that the positive outcome was a response to the depressed market of the last few days.

Market giant CRH ended the day at €12.90, a rise of 5.74 per cent. Good numbers released yesterday morning by Heidelberg Cement helped put wind behind the stock.

Kingspan ended the day at €6.45, an identical percentage increase to that of CRH, though volume was light.

Figures released by Aer Lingus pleased the market and the airline finished the day at €0.72, a rise of 7.46 per cent. Its competitor and largest shareholder, Ryanair, rose 4.05 per cent, closing at €3.52.

The 0.25 per cent drop in the ECB interest rate and the call from Finance Minister Michael Noonan that the rate cut be passed on to customers, did nothing to help Bank of Ireland shares. The stock finished the day at €0.09, a fall of 1.08 per cent.

Kerry Group closed at €26.25, a fall of 0.36 per cent. Traders said there were quite a few buyers in the market.

CC rose by 3.59 per cent, to €2.91 while Aryzta gained 3.61 per cent, to €35. Glanbia, on the other hand, fell by 1.52 per cent, to €4.53.