Improved global sentiment lifts Iseq higher

Iseq:3,011.81 (+25.97) Settlement date:February 10th

MAJOR GLOBAL markets were lifted by solid corporate earnings yesterday, pulling peripheral indexes like the Iseq in their wake.

There was continued strength in CRH, with the building materials giant spiking to €16.76 at one point. It settled back down to €16.60 by the close, but was still 10 cent ahead on the day.

Grafton Group’s share price was supported by a positive trading update issued by UK housebuilder Bellway, and it gained almost 4 per cent, or about 13 cent, to €3.63.

Figures released by Aer Lingus yesterday morning showed that passenger numbers fell 17 per cent in January. This was slightly below expectations, but the resolution of the airline’s cabin crew dispute outweighed the adverse effects of reduced passenger volumes and the stock closed up 1.3 per cent, or 1.4 cent, at almost €1.07.

Volumes were generally muted across the board, although brokers reported decent activity in Ryanair. The carrier touched a high of €3.80 but then retreated to close down 3.5 cent at €3.72.

Paddy Power was lifted 2 per cent, or six cent, to €30.10 after internet casino operator 888 reported a strong finish to 2010 and said that discussions with Ladbrokes are ongoing.

Cider manufacturer CC was fairly heavily traded, but was only one cent up at €3.57.

Packaging group Smurfit Kappa shed about three cent to €9.07 in advance of its results that are due to be released today.

Providence Resources closed almost 5 per cent up, or 14 cent, at €2.95, after confirming it has signed an agreement with Shell International Trading and Shipping Company relating to future oil production from its discoveries in the North Celtic Sea Basin.

Overall the Iseq was about 26 points up, or 0.87 per cent, at 3,011.