Dublin market outperforms Europe

Iseq: 3,275.51 at close (+7.46)  The Iseq index outperformed European markets today, as renewed concerns about Greece saw the main European stock markets fall significantly.

Irish banking stocks had a mixed day, but according to one trader put in a strong performance in comparison to their European peers with only a handful of European banks ending the session in positive territory.

After opening lower, traders said a few buyers came into the market for Bank of Ireland stock, although the stock ended slightly under.

This was despite the announcement that the bank has reached a proposed solution with unions to tackle the company's €1.6 billion pension deficit, with one analyst noting that the market has already priced in the imminent rights issue.

AIB maintained the gains of recent days, adding 1.7 per cent to close at just under €1.50, with good interest reported in AIB ADR in the US.

Irish Life & Permanent was the best performer among the financials, adding to the previous session's gains with a 4 per cent jump to €3.23.

There was a good level of activity in airline stocks. Aer Lingus shed 1 cent, or 1.3 per cent, after the airline reported that passenger traffic fell 6.3 per cent in March compared with a year earlier. Ryanair saw decent volumes and rose by 3.3 per cent following its publication of positive traffic figures yesterday.

Mining stocks were among the main movers yesterday. Providence Resources rose by over 11 per cent after the oil and gas exploration firm said there could be significant oil potential in its prospect on the east coast of Ireland. Conversely, Dragon Oil saw some of the steepest losses yesterday, slipping 4.5 per cent, or 26 cent to €5.44.

Other gainers yesterday include food group Glanbia which rose by 8 per cent to €3.40 as the market continues to eye up the probable sale, and price, of the company's Irish division to the co-op. Paddy Power also edged up, ahead of the weekend's British Grand National.