Robust CRH results help market outperform peers

Settlement Day: March 7thShares outperformed their counterparts across Europe yesterday, spurred in the main by reaction to robust results from market heavyweight CRH. The stock closed up 7 per cent at €12.20 on the back of the numbers, which are likely to lead to upgrades from at least one broker.

The main financials had a mixed day, with AIB closing down six cents at 12.05 and Bank of Ireland gaining seven to finish at 10.27.

Irish Life & Permanent was relatively quiet in advance of today's full-year results, closing up two cents at 8.87. Anglo Irish Bank was stronger, gaining eight cents to end at 6.43 amid substantial demand.

Elsewhere, Ryanair continued to fluctuate, shedding almost six per cent to close at 5.60. Dealers said most activity in the company came just before the market closed, with some speculating on the role of hedge funds in the stock's movement.

As volatility continued to grip the overall market, Galen lost 25 cents to finish at 4.65 while fellow drugmaker Elan closed up 13 cents at 3.38. United Drug gained 10 cents to end at 12.50.

Glanbia, which is also due to report results today, closed three cents higher at 1.26 as almost 1.5 million shares were traded. Kerry Group shed 10 cents to end at €11.35 in quieter trade.

Independent News & Media was stronger on the back of sound results from part-owned Australian subsidiary APN. The stock closed up six cents at 1.33.

Waterford Wedgwood continued to attract exceptional volumes, closing unchanged at 25 cents as more than nine million shares changed hands.