Elan strongest performer on the day as Iseq rises 1.1%

DUBLIN REPORT: Iseq:3,089.45 (+32.89) Settlement date:June 18th

IT WAS a “flat and uneventful” day on the Irish Stock Exchange yesterday, as a combination of the World Cup, Royal Ascot and summer holidays led to very lacklustre levels of activity, with traders indicating that volumes were down by about 40 per cent.

Overall, the Iseq’s performance was in line with markets across Europe, which, despite turmoil reigning in the sovereign bond markets, were largely positive on the day. The Iseq added 32.89 points, or 1.1 per cent, to finish up at 3,089.45.

The strongest performer on the day was pharmaceutical firm Elan, which almost reversed its losses of the previous day, adding 26 cent, or 6.7 per cent, to close the day at €4.21.

Aer Lingus also finished the day in the black, rising by 3 cent, or 3.7 per cent, to finish the day up at €0.73.

Ryanair also posted a gain yesterday, up by 5 cent, or 1.4 per cent, to close at €3.80.

Irish Life & Permanent was “reasonably good” on the day, advancing by 9 cent, or 5.7 per cent, up to € 1.73, as it enjoyed a little bounce. Among the other financials, AIB also finished the day on a positive note, and it rose by 3 cent, or 3.2 per cent, to finish up at €0.97.

Bank of Ireland gave up some of its gains yesterday, dropping back 3 cent, or 3.6 per cent, to €0.84, after its strong performance on Monday. It was one of the few companies that reported decent trading volumes yesterday.

Despite a decline in the US National Association of Home Builders/Wells Fargo Housing Market Index (HMI), CRH finished the day up 39 cent, or 2.1 per cent, to close at €19.38.

On the downside, Independent News & Media closed down 3 cent, or 3.3 per cent, at €0.85, while drinks group CC also gave up 3 cent, or 1 per cent, to finish the day at €3.20.