Dublin market gains on positive US economic data

Dublin Report:Trading was subdued in Dublin yesterday as there was little home news to encourage investors. The few stocks that traded in decent volumes failed to make much progress in value terms, while the few movers made their progress on thin volumes.

Still, overall the Iseq moved up 1 per cent, helped by positive US economic data showing that producer prices rose just 0.1 per cent in July from June. This provided some momentum after lunch in Dublin, with analysts around the world interpreting the data as lessening the chances that the US Federal Reserve will raise rates again next month.

Ryanair and CRH were the busiest stocks, with almost four million shares changing hands in the airline and two million in the building materials group.

Still, movement in both stocks was minimal. Early in the day Ryanair lost as much as seven cent after announcing it had again been forced to cancel more flights at London's Stansted airport. However, the stock rebounded to close up five cent, or 0.7 per cent, at €7.20.

CRH struggled to make much progress, ending down five cent, or 0.2 per cent, at €25.26.

Dealers also reported interest in drinks and snacks maker C&C. As many as 1.8 million shares changed hands, but the stock moved up only five cent, or 0.6 per cent, to end the day at €8.63.

Demand was weak among the financials, with only AIB reaching the one million mark. However, all the banks put in decent moves as far as value is concerned.

AIB added 30 cent, or almost 1.5 per cent, to end the day at €20.15, while Anglo Irish Bank was up 34 cent, or almost 3 per cent, at €11.79 on very light volume.

Bank of Ireland meanwhile rose 25 cent, or 1.7 per cent, to €14.65.

Bookmaker Paddy Power put in another decent performance, rising 20 cent, or 1.5 per cent, to end the day at €13.45.

Kingspan was also among the gainers, up 19 cent, or 1.4 per cent, at €13.73.