Iseq shrugs off mixed US results

The Dublin market today digested a batch of “bad but acceptable” losses from Citibank and better-than-expected results from machinery giant Caterpillar to reach the mid point 1.7 per cent ahead.

At 1.25pm, the Iseq stood at 6221, up 106 points.

Leading the way were the financials with Irish Life and Permanent up 3.3 per cent to €11.80 followed closely by Anglo Irish shares which added 3.2 per cent to €8.46 at 1.25pm.

Bank of Ireland shares were also stronger this afternoon, rising 3.9 per cent to €9.17 while AIB shares were up 2.3 per cent at €11.80.

Analysts said the Citibank and Caterpillar results meant that the US market was likely to open stronger.

Horizon Technology shares were up 6.5 per cent at €1.14 having announced it is recommending a cash offer from Avnet for the company. The offer values Horizon at about €101.3 million, and under its terms, Horizon shareholders would receive €1.18 in cash for each share.

Despite oil hitting a new record high this week Ryanair shares enjoyed a second strong day, rising 3.7 per cent to €2.80.

One Dublin-based analyst said investors may be looking at the asset value of Ryanair when deciding to add the shares. "The stock has been trading around the €2.60 to €2.70 level and there may be a feeling that the oil price rises are now priced in.

Another stock enjoying a decent day is IAWS, up 3.3 per cent on positive news for the sector.

Also in the food business IAWS gained 22 cent to close at €15.57, an increase of 1.43 per cent. Bookmaker Paddy Power, which published its annual report yesterday, crossed the finish line 25 cent ahead at €22.55, leaving it 1.12 per cent up on the day.