Demand for C&C grows as temperature rises

Market report: The Irish market put in another good performance yesterday on what one dealer called "a super day", with great…

Market report: The Irish market put in another good performance yesterday on what one dealer called "a super day", with great enthusiasm shown across the board.

C&C was again one of the star performers, although this time it shared the top spot with Ryanair.

Demand for the drinks and snacks group's stock continued on the back of the positive cider story. One dealer said the hot weather would most likely boost sales of Bulmers in Ireland and Magners in the UK and increases the possibility that the group may introduce it elsewhere in Europe.

C&C shares, which are up almost 40 per cent so far this year, added 13 cent, or 1.6 per cent, to close at €8.10.

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Ryanair was up 31 cent, or 4.1 per cent, at €7.91, after the airline announced two new routes from Glasgow Prestwick in Scotland and four from Frankfurt Hahn in Germany.

The airline is due to report first-quarter numbers at the start of next month and one dealer said he expects the announcement to follow the same trend as the recent EasyJet statement, which recorded a significant rise in passengers.

Another newsmaker was technology group Iona, which yesterday reported a narrowing of its losses for the second quarter. Revenue in the period increased 27 per cent as demand for its Artix and Corba products rose. The shares gained 28 cent, or almost 9 per cent, to €3.40.

The financials also put in strong performances, with Irish Life & Permanent leading the way after lagging behind its peers in recent days. The stock rose 32 cent, or 1.8 per cent, €3.43. Allied Irish was up 22 cent, or 1.2 per cent, at €18.65, with 1.6 million shares traded.

Anglo Irish was the busiest stock, with as many as 7.7 million units changing hands. The stock ended the day up 16 cent, or 1.4 per cent, at €11.30.

Bank of Ireland rose 10 cent, or 0.7 per cent, to €13.70. CRH was also among the gainers, rising 34 cent, or 1.3 per cent, to close at €25.79.

Settlement Day: July 25th