Iseq advances while IL&P plunges more than 24%

Iseq:2,952.28 (+10.24) Settlement date:April 7th

THE DUBLIN market ended the day slightly ahead yesterday, a performance that compared well with many of its European counterparts.

Traders thought that a bit of the feel-good factor that had accompanied the rally in the Bank of Ireland share price in the wake of the bank deal announced last week, might have been behind the mildly positive sentiment.

However, as with most markets in this part of the globe, the volume of trade recorded was low, reflecting the wariness that is abroad as a result of the European debt crisis, events in north Africa, and the disaster in Japan.

Good quality Irish shares made modest progress throughout the day, echoing the pattern of last week.

Smurfit closed the day up 3 per cent, at €9.42. CRH also climbed but closed up just 0.12 per cent, at €16.52.

Paddy Power ended the day at €32, a rise of 1.59 per cent. CC finished up 2.13 per cent, at €3.35. DCC rose 1.32 per cent, to €23.07.

Ryanair, despite its announcement of its anti-EU levy, rose a modest 0.54 per cent, to €3.33.

Kerry was one of the top traded stocks of the day. It closed at €26.54, a drop of 0.90 per cent.

Bank of Ireland rose 9.33 per cent, to close at €0.34. The second pillar of the new Irish banking order, AIB, rose 9.52 per cent to close at €0.23. Traders said there were buyers in the marketplace willing to take a punt on the bank’s stock.

The collapse of Irish Life and Permanent continued apace. The price fell by 24.55 per cent, to close at €0.12. This compares with a closing price of 88 cents at the start of March. ILP’s market capitalisation has now fallen to less than €35 million, from the €243 million value it had when its shares were trading at 88 cents.

Glanbia closed at €4.33, a drop of 0.44 per cent.