DUBLIN REPORT: Iseq: 2,993.53 (+48.96) Settlement date: August 26thTHE ISEQ took its lead from European markets which rose to their highest closing level since early November following better-than-expected existing homes sales data from the US and positive news from the purchasing managers index, which suggested a possible return to growth in the euro zone.
Trading activity continued to be muted, however, as investors held back ahead of next week’s busy results week.
Iseq heavyweight CRH, which will post interim results next Tuesday, was up 1.86 per cent, gaining 35 cents to €18.92. The company, which generates almost 50 per cent of its revenue in the US, was given a boost by the positive US existing homes sales data for July.
Banking stocks were mixed. AIB and Bank of Ireland reversed earlier gains to close marginally lower. Bank of Ireland lost one cent to close at €2.11 while AIB ended the session fractionally lower at just under €2.12.
Irish Life & Permanent was the star performer among the financials, reversing Thursday’s losses to close 8 cents higher at €3.68, up more than 2 per cent. Its rally comes ahead of its interim trading statement next Wednesday.
Airline stocks put in a solid performance, despite the fact that US crude passed the $74 a barrel mark at one point yesterday. Ryanair gained 7 cents to €3.21 and Aer Lingus also ended in positive territory, rising 2 per cent to 52 cents.
Greencore continued to regain ground in the wake of uncertainty surrounding property developer Liam Carroll’s 29.5 per cent shareholding in the company earlier in the week. It soared by 7.5 per cent to close at €1.43.
News that Australian publishing group APN, in which Independent News & Media holds a 32 per cent stake, reported a larger than expected 50 per cent fall in pretax profits had no impact on the Irish company’s share price, which was unchanged at 25.5 cents.
