Iseq follows other markets higher

The Iseq climbed almost 0.7 per cent today amid upbeat global investor sentiment following positively received first-quarter earnings updates from a number of US and European corporations, including Swiss bank UBS and American motor company Ford.

The Dublin market's performance was in line with that of the major European indices.

However, volumes were light after the four-day Easter weekend and ahead of another four-day holiday weekend in the UK.

Building materials group CRH, the largest stock on the index, closed up half a per cent at €16.51, as global construction company Masco reported a 4 per cent decline in first-quarter sales. Analysts suggested the Masco figures indicated the outlook for residential construction remained subdued for companies in this space - some 10 per cent of CRH's earnings are exposed to the US residential sector.

The food sector produced some of the highest climbers and fallers on the day, with Kerry finishing up 2.2 per cent at €28.30 and Fyffes closing down 4.65 per cent at 41 cent, a fall of 2 cent. Drinks group C&C closed up 2.2 per cent at €3.40.

Greencore, meanwhile, was flat at €1.13. Another player in the food-to-go sector, Uniq - a potential acquisition target for Greencore - reported full-year results showing a 6.8 per cent increase in sales as well as a swing into profit. Greencore has been tipped to buy Uniq, which as a leading supplier to Marks & Spencer would open up new revenue streams for the Irish food group.

Interim results for Associated British Foods are due tomorrow.

Elsewhere, insurance group FBD declined 4.5 per cent to €7.10 as investors took the view that a possible levy on non-life insurance companies to recoup €620 million lost from the collapse of Quinn Insurance would be less than helpful for FBD.

Paper and packaging group Smurfit Kappa rose 1.2 per cent to €9.40, while there were also climbs for Ryanair, which closed up 0.9 per cent at €3.36 and Aer Lingus, which rose 1.2 per cent to 83 cent.