Kingspan closes 23 cents up after winning Tate battle

Market Report: Kingspan was the star on a day when trade in Dublin started brightly only to collapse later in the session.

The building materials group raced ahead to €3.80 after news that it had won its battle with the former owners of the Tate Global raised flooring business for compensation at arbitration. The shares dropped back later but finished on €3.68, up 23 cents on the day. "The company has got a monkey off its back and restored its credibility," said one trader.

On a day when investors in the US and elsewhere took profits and share prices retreated, the leading banks both finished in the red. There was decent volume in AIB, which was subject to a certain degree of switching into European banks. It closed down 12 cents on €12.38. Bank of Ireland fared no better, despite the recent positive newsflow from its UK operations. It fell 10 cents to finish on €10.38.

Anglo Irish Bank fell 15 cents weaker to €9.75 while Irish Life & Permanent bucked the trend to close two cents up on €11.34.

Among the industrials, Ryanair proved a magnet for investors with volume of close to 7.8 million shares, by far the strongest in the market. The price rose again to €6.53, up 13 cents, with short-sellers understood to be forced into the market to cover positions ahead of a ruling on the airline's deal at Charleroi.

There was a lot of buying interest in Northern Ireland pharmaceutical group Galen in Dublin and London despite the absence of any specific corporate news. Nearly two million shares traded in London with a further half million in Dublin, where it finished up 60 cents on €10.

CRH, which has managed to break out its recent rangebound trade, finished the week 14 cents stronger on €15.89.