Results lead to profit taking on Iseq Dublin report

Profit taking that followed the first flurry of interim results from leading stocks helped knock 13.66 points off the Iseq, which closed at 8,116.76 after a busy day's trading yesterday.

There was plenty of corporate news for investors to chew on, with Kerry Group, Kingspan and Irish Life & Permanent all reporting results yesterday.

Building materials group Kingspan was the star turn of the day, after reporting a 34 per cent increase in profits to €83.4 million for the six-month period.

Investors responded by wading in and buying 3.6 million shares in Dublin, sending the price to highs of €15.42 before it closed €1.17 or 8.25 per cent up at €15.35. Kerry's results were flatter, and the food group warned in May that energy costs would hit its half-year results. The company reported a 1.5 per cent increase in trading profits to €162 million.

There were no surprises in its announcement and the stock shed 10 cent to close at €17.45, a dip that traders said was partly due to profit taking.

Irish Life & Permanent's figures were more of a mixed bag, but its life and pensions business showed a strong performance, which pleased investors and Davy upgraded its end-year earnings forecast by 3.5 per cent.

However, investors had factored in the likelihood of a good performance into the price, and began taking their profits. The stock finished 25 cent off at €19.95. Dealers pointed out it has had a good run lately and attached no real importance to the slip. Anglo Irish Bank issued a trading statement predicting stronger than expected full-year earnings, but dropped 41 cent to end the day at €12.69. Elsewhere, AIB bucked the trend for European banks and added 20 cent to close at €20.70. Bank of Ireland shed six cent to close at €14.70.

There was also some interest in Paddy Power, due to announce its interims today. It closed three cent up at €14.30.