DUBLIN REPORT: Iseq:3,099.71 (+10.26) Settlement date:June 21st

IRISH LIFE & Permanent stormed ahead on what was otherwise a dull day on the Dublin market.

The financial services provider received a boost when Deutsche Bank increased its price target for the stock to €2.90 and upgraded its rating to “buy”. A Dublin broker said that this move signalled that the market has priced in the recapitalisation needs of the company.

Irish Life & Permanent had been “well beaten up” over the last six weeks, another broker noted, but attracted good buying interest yesterday following the release of Deutsche Bank’s note. The stock broke through €1.90 at one point during the session, but settled back to €1.83. This represented a daily gain of almost 6 per cent.

AIB was also stronger on the day on the back of speculation that the sale of its 24 per cent stake in US bank MT is imminent. The stock gained more than 3 per cent to finish at €1.00.

“Markets anticipated some positive newsflow,” one broker explained.

Bank of Ireland fell out of favour a little, slipping 1.5 cent to finish at 82.5 cent. Volumes in the stock have remained strong since the recent rights issue.

Elsewhere, bakery group Aryzta put in a positive performance, bouncing 2.3 per cent – just over 68 cent – to €30.41, albeit on low volume.

Elsewhere in the food industry, Kerry rose about 2 per cent to €23.25.

Independent News & Media, which carried out a one-for-seven stock consolidation earlier this week, was off yesterday, shedding just under 4 cent to 81 cent.

Insulation provider Kingspan also ended the day in negative territory. It lost almost 4 per cent, leaving it just below €6.00.

Overall the Iseq was up a shade on the day, adding 10.26 points to 3,099.71.