Dublin report: The Irish stock market closed modestly higher as investors took a breather after the recent spate of interim results.
"There's a bit of post-results fatigue," one Dublin trader noted, adding that many people were also waiting for the Aer Lingus flotation. Dealers said trade was also subdued ahead of a key meeting of the US Federal Reserve on Wednesday, which will determine the fate of US interest rates.
On a slow day for corporate news, there were few outstanding features. But Independent News & Media attracted some interest ahead of the release of interim results today. Shares in the media group rose by three cent, or 1.3 per cent, to €2.33 amid talk of its plans for expansion in the fast-growing Indian market.
In the banking sector, Bank of Ireland edged up by 10 cent to €15.00 as investors awaited its pre-close trading statement today. There was little reaction to the bank's plans to combine its wholesale finance and asset management divisions into a new capital markets unit, a move seen in some quarters as a downgrading of its struggling asset management business.
Elsewhere among the banks, Anglo Irish added 11 cent to €12.71 while AIB finished just two cent higher at €20.07.
Dealers reported some interest in Kerry, which gained 30 cent or 1.6 per cent, to €18.70 but dismissed rumours of venture capital interest in the food group. They noted a takeover would be difficult to mount given the size of the co-op's shareholding. CRH benefited from a recent strong performance by the US housebuilders, adding 15 cent to €27.45.
Among the smaller stocks, shares in mobile phone services provider Getmobile, lost 0.5 pence, or 7.4 per cent, to 6.25 pence in London after a disappointing set of interim results. The stock was unchanged in Dublin at €0.09.
