Iseq moves up marginally in quiet trading session

Iseq: 2,518.28 (+15.09) Settlement date: October 6th:AFTER A third quarter to forget, the Iseq began the final three months of 2011 with more of a whimper than a bang, as a cycle of meetings about meetings continued to dominate the work schedules of European policy makers.

“It was like Christmas day today, it was so quiet,” observed a Dublin-based equities dealer.

A holiday to mark the unification of Germany meant its stock market, although open, had fewer investors at play, which contributed to the low volumes on the Iseq.

Bucking the trend across Europe, the Dublin market managed to advance 0.6 per cent, outperforming the FTSE, the German Dax and the French Cac.

Indeed, national benchmark indexes retreated in all 18 western European markets, except for Ireland.

On the Iseq, index heavyweight CRH closed up 2.2 per cent at €11.90, amid a bit of trading activity in the construction sector. This followed reports that a board member of Holcim, the world’s second-biggest cement-maker, plans to increase his stake in the company.

Cider maker CC continued its drift downwards, closing at €2.80, down 1 per cent.

Denmark, meanwhile, has imposed what is thought to be the world’s first “fat tax”, which is to say that it has imposed a tax on saturated fat per kilogram in food products.

A note to investors from food analysts at NCB Stockbrokers interpreted the trend towards fat taxes and its accompanying push by food manufacturers to develop healthier products as positive in the long run for an ingredients company such as Kerry (which closed down 1 per cent at €25.93).

Elsewhere, industrial holdings group DCC, which has completed the acquisition of Pace Petroleum, rose 1.2 per cent to €19.