DUBLIN REPORT: Iseq:3,218.72 (+5.18) Settlement date:May 18th

MANY MARKETS across Europe were closed due to Ascension Thursday meaning volumes were particularly low yesterday. The Iseq finished relatively flat, just up 5.18 points.

The main performer of the day was Kingspan which released a “fairly bullish” statement yesterday morning in which it flagged a noticeable pick-up in business in the past six weeks, finishing the day at €7.45, up 4.5 per cent.

The company also benefited from indications from other companies that the construction industry may now have bottomed out and will improve according to traders.

Paddy Powers also had a relatively good day, based again on low volumes, finishing up by 3.4 per cent at €25.75 in anticipation of a trading update due next week.

Glanbia’s stock remained steady rising by 0.8 per cent to €3.02. An article which appeared in the Farmers Journal indicated that there may be a second vote on the proposed sale of its Irish dairy division to its 54 per cent shareholder, the Glanbia Co-op, after an earlier vote was narrowly defeated by co-op members.

According to one trader, this is a “binary event”, which means that the company will see little movement until the issue is resolved.

The Irish banks didn’t fare as well. An “underwhelming” statement released by AIB yesterday morning did little to excite and the stock finished down by 1.1 per cent at €1.35.

Irish Life and Permanent finished down by 3.8 per cent at €2.55 on foot of an update due today which many are anticipating will not be harsh enough in regulating the loan losses on their mortgage book.

Bank of Ireland also finished down by almost 3.6 per cent at €1.61, due to a lack of news ahead of rights issue details which are due next week.