A further strong performance on world markets fed through to Dublin today, lifting most of the market’s leading stocks.
The Iseq index of Irish shares underperformed slightly, ending the day up 1.42 per cent at 3,014.04. Leading European markets made bigger gains, France’s CAC added 2 per cent while London’s benchmark FTSE 100 increased by 1.8 per cent.
Dealers said that a good close in Asia overnight fed through to European markets today, and continued as New York opened at our lunchtime, helping to guarantee a strong finish for the overall market.
The banks were big beneficiaries and continued to regain ground after their recent drubbing. AIB was up 5.67 per cent at €2.03 breaking through the €2 barrier for the first time in a number of days trading.
Bank of Ireland also broke through the same barrier to end the day 3 per cent ahead at €2.05.
Their rival, Irish Life & Permanent, lagged them in terms of gains slightly, but still added 1.63 per cent to close at €4.98.
Dealers said a flat performance by Ryanair, which accounts for over 10 per cent of the index, helped to explain why the Iseq ended the day behind its peers.
The low-cost airline was unchanged at €2.91. However, Aer Lingus, in which it holds a stake, gained almost 10 per cent after publishing quarterly figures showing revenues were down almost 15 per cent, but passenger numbers were up 7 per cent.
The market’s biggest stock, building materials giant, CRH, which accounts for over 30 per cent of the index, was up almost 2.6 per cent at €17.90.
In related sector, house builder McInerney was one of the few fallers, down 2.86 per cent at 17 cent. Builders’ merchant, Grafton, fell almost 4 per cent to €3.38.
