Elan higher on day of muted gains for Irish market

Iseq: 2,977.50 (+5.43) Settlement date: February 17thTHE IRISH market languished in a state of inaction yesterday due to the vacuum created by political uncertainty.

The Iseq barely moved, closing just 5.4 points ahead at 2,977.50, as investors sat on the sidelines waiting for the general election to be over and done with, and for the Irish full-year reporting season to get into full swing over the next few weeks.

“At the moment our politicians are making all the headlines. The sooner the election is over the better,” one Dublin broker said.

He noted that the recent article on Ireland’s economic crisis in Vanity Fair had not helped the market. “Unfortunately the image of Ireland out there is still relatively poor. The first thing we need to get is political certainty.”

Drug manufacturer Elan was among the strongest performers on what was a lacklustre day, adding 17 cent to close at almost €5.13.

Food group Aryzta gained more than 1 per cent or 38 cent to finish at €32. Kerry Group, which kicks off the Irish reporting season next week, rose 35 cent to €25.90, but volumes were weak.

United Drug, which will issue an interim management statement at its annual shareholders’ meeting on Thursday, was more than 1 per cent up, finishing 2.7 cent ahead at almost €2.20.

Building materials group Grafton was supported by the latest Construction Purchasing Managers’ Index reading which showed that the rate of decline in the Irish construction sector eased in January. The stock ticked up by seven cent to €3.54.

Kingspan was also in positive territory, closing 2.5 per cent, or 16 cent, ahead at €6.56.

Cement stock CRH moved in the opposite direction, shedding almost 1 per cent, or 15.5 cent, to €16.53.

Paddy Power was also weaker,slipping 35 cent to €29.20.