Iseq advances amid uncertainty

Against a background of on-going uncertainty about a new deal for Greece, markets rose today, with the Iseq advancing by 1.1 per cent, or 33.3 points, to finish the day up at 3,006.23.

Despite trading announcements from several companies however, volumes overall were quiet.

DCC reported solid first half year results, with its pre-tax profits rising by 15 per cent to €189.6 million. It advanced by 19 cent, or 0.9 per cent, to €22.44, but trading in the stock was quiet.

Healthcare services firm United Drug also had a good performance, meeting expectations with its first half-year results, leading to a 2 cent, or 0.9 per cent rise in its share price, which rose to €2.32. However, volumes were quiet, and as one analyst noted, there wasn't a "whole heck of interest" in the stock.

Food group Kerry added 4 cent, or 0.14 per cent, to advance to €28.94, following the release of its interim management statement. It disclosed a "solid" financial performance for the first quarter of the year, despite the increase in raw materials and input costs, with analysts pointing to acquisition opportunities for the group. It also successfully completed a 1.5 million share placement.

Following the announcement yesterday that it would sell its drug formulation and manufacturing unit in a deal worth an estimated $960 million, pharmaceutical firm Elan experienced a 26 cent rise in its share price, increasing by 4.7 per cent to finish the day up at €5.72.

Media group Independent News & Media continued its good run, adding 3 cent, or 6.6 per cent, to advance to € 0.62.

In the construction sector, CRH added 10 cent, or 0.6 per cent, to finish the day up at € 16.61, while Kingspan added 15 cent, or 2.3 per cent, to close at €6.55.

Ryanair slid backwards, following poor results from Easyjet, and it gave up 8 cent, or 2.3 per cent, to finish down at €3.52. Aer Lingus was also down, losing 1 cent, or 1.2 per cent, to close down at €0.83.

In financials, FBD Holdings gave up 40 cent, or 5.5 per cent, to close down at €6.90.