Stronger CRH and Ryanair help push Iseq up 1.5%

DUBLIN REPORT: Iseq: Settlement date: : 3,070.71 (+53

DUBLIN REPORT: Iseq: Settlement date: : 3,070.71 (+53.54) Settlement date: June 15th MARKETS ACROSS Europe enjoyed their second consecutive day of gains, with China's confirmation of strong export data and miners performing strongly on the back of an Australian tax report.

Ireland was no different, closing comfortably over the 3,000 mark to finish at 3,060, a rise of almost 1.5 per cent. Very strong performances from index heavyweights, CRH and Ryanair, boosted the Irish Market. Budget airline Ryanair advanced 4 per cent on the day to close at €3.75, continuing its positive run of late in the wake of its investor roadshow.

Construction group CRH, which has the largest market weighting on the index, added 3.4 per cent to finish at €19.38. This was on the back of various broker notes on the sector, although other construction-related stocks failed to match CRH’s performance. Building materials company Grafton added 3 cent, or 1 per cent to finish at €2.93, while insulation provider Kingspan shed 1.5 per cent to €6.50.

Financials had a mixed day, as the market took stock of the end of the Bank of Ireland rights issue. Bank of Ireland saw decent volumes but the share price held at the 75 cent level of the placing, with one analyst noting that the market was looking ahead to index buying on Monday which looks to drive the stock higher.

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AIB fell by just over 3 per cent to finish at 90 cent. Irish Life and Permanent share price failed to be lifted by reports that the institution intends to begin discussion with EBS in the coming weeks.

Elsewhere, pharmaceuticals company Elan continued its positive run of late, advancing 3.5 per cent to €4.50.

Irish Continental Group advanced by 2 per cent after reporting an 11 per cent rise in passenger numbers on Wednesday.

Overall, traders said volumes were lacklustre yesterday on the Dublin market.

Suzanne Lynch

Suzanne Lynch

Suzanne Lynch, a former Irish Times journalist, was Washington correspondent and, before that, Europe correspondent