Food stocks among best performers as Iseq rises 2.6%

Iseq: 2,927.61 (+74.80) Settlement date: February 4thTHE ISEQ index of Irish shares closed up 2.6 per cent yesterday in line with global markets which surged ahead amid expectation that some form of resolution in Egypt is imminent, while a better-than-expected ISM manufacturing index from the US served to lift sentiment.

In Dublin, most of the main names on the index made gains yesterday. DCC saw strong investor interest ahead of its interim management statement this morning. Its share price climbed a hefty 6 per cent to close at €22.90.

Food stocks were among the best performers.

There were a number of buyers around for Glanbia which closed up 3 per cent at €4.07. Greencore added 4.4 per cent to finish at €1.15, following indications from the company at its annual meeting on Monday that a deal with Northern Foods is still a possibility.

Kerry Group advanced 3.7 per cent to €24.55 following positive updates from peer company Cranswick yesterday morning.

Analysts also said that the stock had been trading lower of late on the back of concern about rising input costs.

Aryzta, which last week announced consolidation of its Irish operations, also advanced, adding 2.7 per cent to €32.60.

Elsewhere, Ryanair was one of the most traded stocks, adding 2 per cent to €3.70, after raising its full year guidance on Monday, despite announcing third-quarter losses.

However, the continuing dispute between Aer Lingus and cabin crew weighed on Aer Lingus’s share price. The airline was one of the few names to lose ground, closing 1 per cent lower at €1.02.

Pharmaceutical company Elan fell 2 per cent at €4.87, despite Biogen reporting fourth-quarter results that topped expectations.