Insulation producer Kingspan kicked off a busy week in the Irish corporate reporting season today with the release of its 2009 earnings. Although the company’s operating profit shrank by 60 per cent last year, its results were more or less in line with expectations and the stock bounced 11 per cent to €5.55.
However one trader noted that this gain was exaggerated by a very low close on Friday.
Elsewhere, the two main banking stocks, AIB and Bank of Ireland, came under pressure in the morning session as UK financials slipped. Both stocks have been struggling to regain their footing since it emerged last month that the State has taken a further 16 per cent stake in Bank of Ireland in lieu of a €250 million dividend.
Although both banks recovered some ground over the course of the afternoon, Bank of Ireland was still in the red at the closing bell, down more than 2 per cent at just under 98 cent.
However AIB was back in positive territory by the finish. It added 1.4 per cent, in advance of results due out tomorrow, to close at €1 even.
Company results will remain the main feature on the market in the days ahead. The index’s largest constituent CRH also has numbers out tomorrow. The cement giant traded in a fairly tight range on reasonable volume today, but at the close was almost 16 cent up at €16.89.
Overall the Iseq index edged closer to the psychologically important 3,000 mark, rising by 0.85 per cent, or 24.58 points, to 2,898.18.
Across Europe, Germany's DAX climbed 2.1 per cent, France's CAC 40 increased 1.6 per cent and the UK's FTSE 100 gained 1 per cent.
(Additional reporting - Bloomberg)