DUBLIN REPORT: Iseq:2,807.11 (+7.21) Settlement date:September 9th

AN AFTERNOON boost for its biggest stock, CRH, on a quiet day helped to keep the Iseq index of Irish shares ahead yesterday and kept it in line with its European peers, which also made reasonable gains today.

Labor Day in the US meant that the markets there were closed, so activity in Ireland and Europe was quieter and trade volumes were lower than usual as a result.

The Irish benchmark index finished 7.21 points or 0.26 per cent up at 2,807.11 yesterday after a late rally by CRH, which benefited from a Labor Day pledge by US president Barack Obama to spend an extra $50 billion on infrastructure.

The building materials group’s price slipped earlier in the day but finished 1.6 per cent up at €13.665 as investors factored in the potential benefits of an increase in US spending.

The Irish company draws about half its revenues from the US market, where it is the biggest supplier of asphalt, the main road-surfacing material.

Heidelberg also benefited from the news.

Financial stocks were reasonably positive. Irish Life & Permanent jumped 4.35 per cent to €1.80. Dealers said there was no particular reason for the move, but pointed out that the low volumes meant that the impact of interest in any stock was magnified. About 700,000 shares in the bank changed hands in Dublin yesterday.

AIB closed up 1.51 per cent at 80.7 cent, investors bought about one million shares in the bank.

AIB’s rival, Bank of Ireland, fell 1.29 per cent to close at 76.5 cents. Investors sold more than 3.4 million shares in the company in Dublin yesterday.

Elsewhere, Ryanair was down 2.28 per cent at €3.85 as almost 3.25 million shares in the low-cost airline were traded in Dublin yesterday.