Iseq keeps head above water

The Iseq held its head above water today, closing 0.5 per cent higher, largely with the help of market heavyweight CRH.

Shares in the building materials giant rose for the second day in a row, gaining 19 cent, or 1.17 per cent, to finish at €16.385. Dealers said investors were cheered by recovery news from Europe, despite the continued upheaval at in sovereign debt.

Other materials-related stocks were mixed. Kingspan climbed by 6.9 cent, or 1.09 per cent, to €6.409, while Grafton was 2.3 cent, or 0.67 per cent, weaker at €3.397. The merchanting firm flagged the resignation of Gillian Bowler as non-executive director.

Ryanair shirked off continuing worries over oil prices, rising by 4.5 cent, or 1.4 per cent, to €3.265. Stable-mate Aer Lingus moved in the opposite direction, falling by 2.5 cent, or 3.17 per cent, to 76.5 cent.

The banks were mostly under pressure, as the market nervously awaits results of the Central Bank's stress tests. Bank of Ireland shed 1 cent to finish at 26.4 cent, while AIB, on the junior market, was unchanged at 18.5 cent.

Irish Life & Permanent was the star of the financials as it added 5.1 cent, or 7.4 per cent, to end the day at 74 cent.

Maintaining trends seen earlier in the week, volumes were light across the market today.

One exception was Total Produce, which was relatively busy as it declined by 1 cent to 44 cent.

Other declining stocks on the day included Smurfit Kappa, which fell by 15 cent to €8.59. The market learned that Norway's Central Bank's stake in the company had now crossed or reached the 9 per cent level.

C&C, another of the stocks attracting reasonable volume, was also on the losing side, falling by 4.5 cent to €3.255.

IFG was one of the rising names, adding 4 cent to reach €1.34 in advance of full-year results due next Wednesday.