Iseq:2,840.44 (+1.96) Settlement date:December 20th
IT WAS a tale of two banks on the Irish market yesterday, with AIB outperforming its European peers while Bank of Ireland trailed at the back of the pack.
In general European banking stocks were weaker as concerns over euro-zone debt problems grew, but AIB bucked the trend. It traded up by more than 6 per cent, or about three cent, to finish just below 47 cent, making it one of the best performing banks in Europe on the day.
Right at the other end of the spectrum was Bank of Irelandwhich tumbled almost 4 per cent, or 1.5 cent, to 39 cent.
Both AIB and Bank of Ireland were driven by very heavy activity in their US lines, and brokers struggled to assign a reason for their differing performances.
Although the Government’s new banking bill was expected to be passed in the Dáil yesterday evening, one broker said that this had little impact on the banks’ share prices, as the effect of the legislation was already “largely known”.
CRHlost much of the ground gained on Tuesday, shedding more than 2 per cent, or 35 cent, to finish at €15.25.
However, distribution and business support services group DCCcontinued on its upwards trajectory, albeit at a slower pace than in recent sessions. It has benefited from the cold spell because of its relatively large exposure to oil distribution in the UK, and added another four cent to close at €22.20.
Smurfit Kappaand Aryztagained 20 cent each to close at €7.62 and €33.25 respectively. Cider manufacturer C&Cwas slightly better, nudging ahead by about four cent to just over €3.23.
Overall, volumes “drifted off” on the Irish stock exchange as the Christmas break approaches, according to a Dublin trader. The Iseq finished about 0.7 per cent up at 2,840.44.
