DUBLIN REPORT: Iseq: 3,371.91 (+114.89) Settlement date: May 5thSTOCK MARKETS shrugged off macro-economic concerns yesterday and moved ahead enthusiastically on the back of a reasonably good US corporate earnings season.
Despite concerns over Europe’s debt crisis, markets were bullish and the Iseq recovered some of the ground lost over the previous two sessions to advance 3.5 per cent, bringing it to 3,371.91.
“The macro concern is there, but at the moment earnings are winning out,” one Dublin-based broker said.
Volumes were very light in comparison to trading levels of recent days.
Irish banks settled down somewhat. Bank of Ireland was up about 2 per cent, although, according to one broker, a move of this size “doesn’t really move the needle”. This equated to a gain of just three cents, bringing the stock to €1.71.
AIB was up about 1.5 per cent at €1.46.
CRH proved the star performer on the day. After two difficult sessions, the cement stock was up more than 6 per cent, or €1.20, at €20.90.
Fellow index heavyweight Ryanair was also strong, rising about 2 per cent to just under €3.75.
Very few names finished in negative territory on what was a positive day pretty much across the board.
One broker speculated that a lot of the upward momentum evident yesterday was an “unwinding of the big hit” that the Iseq took on Wednesday just as the market was closing.
Cider manufacturer CC bounced about 7.5 per cent, or 24 cents, on reasonable volume to finish at €3.44.
Despite announcing that its partner Novo Nordisk is to use its technology in a new clinical trial, Merrion Pharmaceuticals saw its share price tumble by 5 per cent, or 20 cents, to €3.80.
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