Iseq gains momentum after slow start

Dublin Report: The Irish market had a volatile day yesterday, getting off to a weak start, but it gained momentum as positive…

Dublin Report:The Irish market had a volatile day yesterday, getting off to a weak start, but it gained momentum as positive US data filtered through.

Grafton Group's bullish agm statement provided the main news of the day and seemed to allay investors' concerns over the residential property market. Strong buying interest pushed the stock up by 22 cent, almost 2 per cent, on the day to €11.50.

Elsewhere in the construction sector, CRH attracted decent volume, with close to 4.5 million shares in the building materials group changing hands. The stock closed the day up 8 cent at €33.98.

Blackrock International traded up by more than 2 per cent, or 1 cent, to €0.50 on the back of its announcement of a joint-venture investment in a Brussels office block.

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Elsewhere, Allied Irish Bank held a fairly even keel, slipping just slightly to €22.16. Anglo Irish Bank fared better, and managed to claw back ground that it lost on Thursday, despite the announcement of a strong set of first-half results. It finished up 14 cent yesterday at €16.39.

Bank of Ireland traded up to €16.40 on the day, a gain of 45 cent, or 2.82 per cent. Financial stocks did reasonably well, but one trader noted that they lagged behind their European peers.

Independent News & Media had a quiet day's trading until one very large order was placed before the market closed. It leapt by more than 5 per cent, or 19 cent, to finish the week at €3.81. This positive performance is believed to relate to Denis O'Brien's stakebuilding, rather than media reports that IN&M has confirmed its interest in the Racing Post.

Aer Lingus came under pressure yesterday, as it finally succumbed to recent negative sentiment in the airline sector, and shed 3 cent to €3.02.