Iseq climbs on back of strong Paddy Power earnings data

Iseq: 2,679.36 (+16.09) Settlement date: November 20thTHERE WAS plenty of stock specific news to keep analysts busy yesterday, with a number of Iseq-listed companies reporting interim and full-year results.

Nonetheless, the Irish market continued to be affected by the broader euro zone crisis.

“Equities just can’t get away from what’s happening on the bond markets”, as one Irish trader put it, although the market was not as volatile as has been the case in previous days.

Paddy Power was one of the strongest performers, closing up more than 5.5 per cent, after the betting company confirmed full year earnings growth of between 15 and 20 per cent, boosted by a strong online performance and the acquisition of online games developer, CT Networks.

Full-year results from United Drug also received a strong endorsement from investors. The company posted a 1 per cent rise in revenue and 4 per cent increase in operating profits, as a result of the continuing internationalisation of the business.

United Drug advanced €2.09 on the day, an increase of 2 per cent.

Food group Glanbia maintained its impressive first-half figures with a strong third quarter performance, prompting the food group to estimate that full-year earnings per share growth will reach the upper end of previous estimates. It closed up just under 1 per cent on the day, at €4.41.

Fellow food company Greencore lost ground, though, dropping ½ per cent, as investors continued to mull over the outcome of the preliminary approach for the Irish food company announced three weeks ago.

Elsewhere, IFG was busy ahead of interim results tomorrow. A late surge pushed it up 3 per cent at the close, to finish €2.09.

Overall, the Iseq index closed at 2,679, up 16 points.