Paddy Power leads Iseq higher

The Iseq had a reasonable day today, climbing by 0.66 per cent on continuing weak Easter volumes.

The banks did well, although dealers could report no newsflow to drive prices. Bank of Ireland finished 13.6 per cent, or 3.4 cent, stronger at 28.4 cent, while AIB climbed by 1.2 cent to 24.1 cent. Irish Life & Permanent was up by 0.3 cent to 15.7 cent by the close.

Elsewhere, Paddy Power continued to storm ahead, reaching an all-time high of €33.09. This marked an increase of 59 cent on the day, with the stock now ahead by 7 per cent this month alone.

Petroceltic was among the few newsmakers on the day, with the announcement of the sale of an 18.4 per cent stake in an Algerian interest driving shares up by 12.5 per cent, or 1.5 cent, to 13.5 cent.

Kenmare Resources also rose a touch, climbing by 0.1 cent to 51.1 cent after reporting that production at its Moma interest in Mozambique had restarted following industrial action.

Still in exploration, Aminex gained 0.1 cent to close at 9.5 cent after upgrading its proven and probable reserves in the US state of Louisiana.

Kerry was a loser today, falling by 55 cent to €27.90 as investors took profits from gains notched up earlier in the week.

Glanbia also fell, shedding 7 cent to end the session at €4.35.

Market heavyweight CRH treaded water, closing 2 cent higher at €16.51. Investors will look forward to an update on trading at next week's agm, having this week gained a snippet of news on the group's part-owned Portuguese asset Secil, which reported a 3.5 per cent decline in sales for the first quarter.

Also in the diary for next week is Smurfit Kappa, which is due to issue first-quarter numbers. Shares in the group rose by 6.8 cent to €9.30 today.

Kingspan was weaker too, falling by 5 cent to €6.50. Insulation peer Superglass today reported a drop in both sales and profits for its first half.

Irish bonds meanwhile continued their slump, as the cost of insuring against their default rose. Irish 10-year yields reached a record high, with Portuguese and Greek debt also diving. Concerns about restructuring were blamed.