Financials move ahead as ISEQ bucks European trend

The market outpaced the rest of Europe yesterday as it closed up 1.32 per cent amid reasonable activity.

Settlement Day: April 23rd

News on the day was dominated by a profit warning from bookmaker Paddy Power, which saw the company's stock drop by more than 13 per cent by lunchtime. It recovered some ground in afternoon trade however, eventually closing down 55 cents at 5.05 after almost 2.5 million shares changed hands.

The bigger players all had a better day, with the main banks continuing to move ahead in decent volumes. AIB closed up 14 cents at 13.40 while Bank of Ireland gained 30 cents to finish at 10.70. Irish Life & Permanent was particularly strong as investors sought to jump aboard before the stock goes ex-dividend next week. The stock closed at 10.40, up 52 cents. First Active closed 17 cents higher at 5.05.

Gains were less common outside the financials, but Ryanair put in a good show as it gained 20 cents to end at 6.90. About 2.3 million shares were traded.

CRH was less positive, losing 15 cents to close at €13.35.

Iona Technologies suffered on the back of news on job losses, dropping 12 cents to close at 1.30.

Readymix was unaffected by its after-hours rejection of an offer from Kilsaran Concrete as it closed steady at €1.50.

Waterford Wedgwood lost one cent to close at 24 cents, while Independent News & Media shed three cents to end at 1.30.

Elsewhere, price movements were volatile, as the market continued to be weighed down by a lack of direction.

"I just don't believe these markets," said one weary dealer last night, as he predicted further buffeting in the weeks to come.