Ryanair and BoI make gains on quiet trading day

Iseq: 2,886.93 (+10.23)

IT WAS the first of three trading days this week for the Dublin market yesterday, but most investors are still caught up in Christmas cheer to bother with the business of buying and selling shares.

The Iseq index rose 10 points on trading volumes best described as a festive trickle, as shares rose across Europe, extending a year-end rally and putting equities on track to post their biggest monthly gain in 17 months.

Strength in commodities such as gold, copper and oil during December lifted a number of major blue-chip stocks.

The busiest stock in Dublin was building materials group CRH, the largest component stock on the index, which closed flat at €15.57.

The highest climber of the day was Bank of Ireland, which rose 7.5 per cent to 37 cent, and there were gains too for AIB, which is due to switch from the main Dublin market to the ESM market.

As the Leopardstown racing event continued to attract the punters, bookmaker Paddy Power was also among the livelier stocks on the Iseq. It closed down 1 cent at €30.70 after a year that exceeded analyst expectations for the group.

Ryanair rose 1.1 per cent to finish at €3.78, while, sticking with the airline sector, Aer Lingus rose 1.9 per cent to €1.12.

There was also a gain for industrial holdings group DCC, which climbed 2.2 per cent to €23.51, while food group Glanbia advanced 2.6 per cent to a closing price of €3.54.

Today is the last full day’s trading on the Iseq, with just a half- day session on New Year’s Eve.

Nervousness about the euro is likely to be the main destabilising factor in 2011 after a year in which stocks across the globe made a generally convincing attempt at a recovery, with exceptions including the Irish banks.

Settlement date: January 4th