CRH gains push Iseq above 3,000 in light trading

Iseq: 3,005.17 (+15.45) Settlement date: May 5thIT SEEMS that royal wedding fever managed to impinge on trading patterns in Europe's main stock markets yesterday, as volumes remained extremely light across most markets in the run-up to the bank holiday weekend.

Although volumes in Dublin were scant the Iseq finished above the 3,000 mark, in line with European markets, which all had a strong end to the month. The Iseq closed up 15 points at 3,005.

First quarter results from Saint-Gobain Group, which showed a 10 per cent jump in revenues during the first three months of the year, boosted construction stocks on the Irish index.

There was a relatively strong level of buyer interest in CRH – one of Saint-Gobain’s main competitors – with the Iseq’s largest constituent advancing 1.5 per cent, ahead of a trading update next week.

Insulation company Kingspan also added 1.5 per cent to close at €6.60.

Building materials provider Grafton advanced 1.8 per cent to €3.55.

Smurfit Kappa, which also reports next week, was one of the most actively traded stocks yesterday, although it finished down just over 1 per cent at €9.20 after Swedish peer company SCA reported disappointing quarterly earnings.

Banking stocks, which were the strongest performers on Thursday, fell back significantly yesterday.

Bank of Ireland shed 1.4 per cent to €0.28.

AIB and Irish Life and Permanent both lost 4.5 per cent to close at €0.23 and €0.15 respectively.

FBD Holdings climbed 1 per cent to finish at €7.25 after the insurance group published an upbeat first-quarterly update, which stated that operating profits for the first quarter of 2011 were ahead of 2010 figures.