Dublin out of step and ends the day in the black

MARKET REPORT: Dublin misread the script yesterday to end the day in the black. In a session when screens were red across the globe, the Irish Stock Exchange had only Pakistan, Hungary and Portugal for company.

Settlement Date: March 13th

The domestic market is a follower by nature and traders seem resigned to a downwards adjustment tomorrow unless America turns higher in evening trade.

CRH led the charge yesterday as the share continued its recovery following well-received results last week and an ongoing investor roadshow. It closed the session 50 cents stronger on €13, the first time it had hit that level since mid-December.

Grafton also traded strongly following confirmation of a strong performance last year in a difficult domestic economic climate. The shares rose 13 cents to €2.83.

The banks saw plenty of business during the day but avoided the sentiment that crippled the sector in Europe. Irish Life & Permanent ended the day in positive territory, up five cents at €8.60 following an upgrade by Goldman Sachs. Bank of Ireland ended the day level at €10 with around 10 million shares changing hands in Dublin and London. Bank of Ireland was back in the market buying up some of its own shares and also announced that it had acquired 45,000 shares last Friday at €9.90.

Trade in AIB was nearly as strong, with the share finishing five cents weaker at €12.40. Anglo Irish Bank took the biggest hit, falling back 17 cents to €6.38. First Active was seven cents stronger at €5.37.

Independent News & Media was lower, dropping 12 cents in light volume to €1.25. Irish Continental Group, which reported figures slightly ahead of expectations yesterday, advanced five cents to €7.45.

On the eve of Cheltenham, Paddy Power gave back five cents to €5.05 while Ryanair was 10 cents stronger on €5.55. Waterford Wedgwood gave up two cents to slip back to 25 cents but traders said there was very little volume in the market outside of the leaders.