Iseq outshines its European peers by gaining 1.3%

Iseq: 2,604.62 (+32.98) Settlement date: October 19th:THE IRISH stock market had a good day yesterday, with the Iseq rising by 1.3 per cent and outshining many of its European peers.

“The Iseq was leading the charge,” remarked one trader.

This came on the day when the Group of 20 finance ministers met to discuss Europe’s debt crisis and growth in US retail sales exceeded forecasts.

Standard Poor’s also cut Spain’s credit rating for the third time in three years.

Retails sales in the United States made significant ground, adding 1.1 per cent in September, the biggest advance since February. That compared with a 0.7 per cent increase forecast by economists surveyed by Bloomberg.

A number of the top 10 stocks on the Irish market showed solid gains yesterday.

Building materials group CRH was up just under 1 per cent at €12.90.

DCC advanced 2.4 per cent at €19.5. Kerry Group was 2 per cent ahead at €26.45.

Builders merchants and DIY chain Grafton Group rose 1 per cent at €2.90.

However, the movements were not driven by any stock specific news.

“It doesn’t take much to move them,” was how one trader described them. “But volumes were a bit lower than a normal Friday.”

Among the financials, Bank of Ireland was “volatile” during the day, before closing up about 1 per cent at 0.097 cent.

“The banks were relatively quiet compared with the last few days,” a trader said.

“Fellas were coming and going in Bank of Ireland all day. It’s a pure play on Ireland if you believe in the Irish story,” he added.

CC, Glanbia, FBD, Dragon Oil and Fyffes were among the main fallers during the day.