DUBLIN REPORT: Iseq:2,897.64 (+34.93) Settlement date:February 19th
VOLUMES REMAINED weak across European markets yesterday, but Irish banks succeeded in reversing the losses sustained during Monday’s session.
A dearth of news meant that the Irish market was fairly featureless yesterday. The financials bounced a bit, although one trader said this was simply because they had sold off in the previous session for no real reason.
There is very little institutional appetite for Irish banks at the moment due to uncertainty relating to Nama and the Government’s intentions in relation to their preference shares in the banks, he said.
Nonetheless, AIBand Bank of Irelandadded more than 6 per cent apiece, closing up more than six and eight cent respectively at just under €1.13 and €1.30.
Irish Life & Permanent, which had sold off quite a bit lately, finally got some support yesterday, rising 5 per cent, or 13 cent, to almost €2.77.
Market bellwether CRHrallied late in the day, and gained 2.3 per cent, or 38 cent, to end the session on €16.88. Elsewhere, packaging giant Smurfit Kappa, which announced another price increase, slipped three cent to €6.20.
Overall, the Iseq was buffeted by external forces yesterday. It opened strongly as markets reacted positively to comments from EU ministers that Greece must “get its house in order”, one trader said. However the index then dipped until the US market opened in the afternoon, after which it started to drift higher.
The Iseq managed to finish in positive territory, up 1.2 per cent at 2,897.64, but it was a session of below-normal volume and the index remained fairly directionless throughout.
The Iseq lagged slightly behind its European peers. France’s CAC 40 climbed 1.7 per cent, while the UK’s FTSE 100 and Germany’s DAX rose 1.5 per cent.
