Iseq rises but fails to surpass 3,000 mark

Iseq:2,994.18 (+40.89) Settlement date:July 6th

THE ISEQ index tested the psychologically important 3,000 level yesterday, as European markets continued their Greek relief rally.

Markets built on the gains enjoyed on Thursday after the Greek parliament supported an austerity package which will enable the beleaguered country to access further financial support from the EU.

The Irish market outperformed its European counterparts, thanks in no small part to index bellwether CRH. The building materials stock held onto its gains from Thursday and continued to move higher on the back of an upgrade from French broker Société Générale. It jumped more than 1 per cent, or 21 cent, to finish the week at €15.48.

Business support services group DCC finally got on board the half-year rally that has lifted many stocks in recent sessions. Having missed out on this bounce until yesterday, it gained almost 3 per cent, or 54 cent, to close just below €20.19.

Food producer Greencore recovered after stumbling the previous day when UK peer Premier Foods issued a profit warning. It added about 2.5 per cent over the session. However, this bounce was not enough to bring it back over the €1 mark, and it finished at 99.4 cent.

IFG continued to improve following its annual meeting on Wednesday. The financial services group rose another cent to €1.85.

Insulation group Kingspan gained more than 4 per cent on rumours that British competitor SIG may be taken over by Lafarge. According to a broker, this deal represents good news for the sector, and Kingspan received a decent lift because of the “read through in terms of valuation potential”. The stock closed 30 cent higher at €7.10.

The Iseq finished just shy of the 3,000 mark.