Iseq rises 0.5% on back of strong CRH and Aryzta

Iseq: 2,620.28 (+15.74) Settlement date: October 22ndTHE IRISH market closely traced the FTSE 100 yesterday, finishing the session up by 0.5 per cent, just behind the British market's 0.7 per cent advance.

It was another strong day for building materials stock CRH, a “huge out-performer” as one broker noted. It advanced by 3.8 per cent, or 49 cent, to finish up at € 13.44, continuing the gains it has made since mid-September.

The big news on the Iseq came from drinks group C&C. Although it reported a decent set of interims, announcing a 7.8 per cent increase in operating profits for the six months to the end of August, it finished the day down.

The news that chief executive John Dunsmore is set to step down sent the stock into a spin. Seen as a “strange move” by brokers, the stock was the subject of heavy selling with more than five times the normal volumes of activity in the stock. It ended the day down by 4.1 per cent, or 12 cent, at €2.73.

Aer Lingus traded a bit better, adding 2 per cent, or 0.02 cent, to climb to €0.75, while food group Aryzta advanced by 4.4 per cent, or € 1.43, to finish up at €33.85.

There was good interest in Bank of Ireland, as it added 3.1 per cent to end at almost €0.10.

Glanbia also ended in positive territory, adding 14 cent, or 3.2 per cent, to advance to €4.59.

Pharmaceutical firm Elan dropped off on the back of claims from competitors that they have less invasive forms of treatments for multiple sclerosis. It lost 3.3 per cent, or 27 cent, to close down at € 7.83.

Smurfit Kappa came under a lot of pressure in light volumes, and it gave up 3.8 per cent, or 17 cent to finish down at € 4.19.

Ryanair lost 0.7 per cent, or 2 cent, to close down at €3.23.

Petroneft was down on the day, giving up 8.7 per cent, or two cent, to close at €0.21