Iseq moves forward as it shrugs off Dubai jitters

DUBLIN REPORT: Iseq:2,849.63 (+42.04) Settlement date:December 4th

EUROPEAN MARKETS yesterday managed to shrug off some of the jitters reverberating from Dubai, and a measure of that confidence filtered through to the Iseq, which advanced by 1.5 per cent.

Brokers noticed continued good buying interest in drinks manufacturer C&Cfollowing the company's announcement on Monday that it is acquiring the Gaymer Cider company in the UK. The stock added another eight cent to €2.88.

Index bellweather CRHalso enjoyed a strong session, boosted by positive construction figures from the US in the afternoon. The building materials group finished at €17.33, a gain on the day of more than 3 per cent or 55 cent.

Some buyers also came into no-frills airline Ryanairin the afternoon session, lifting the stock by about 1.5 per cent – or four cent – to €2.81. Elsewhere in the aviation sector, Aer Lingusshed more than 3 per cent – about two cent – to 53 cent.

DCC's share price had tumbled more than 8 per cent since it reported its first-half results on November 11th, but the industrial holdings group was back on form yesterday, pushing ahead by 6.5 per cent – or €1.16 – to €19.12.

Food stocks fared reasonably well on the day, with Kerry Groupand Glanbiaadding about 4 per cent and 4.5 per cent respectively to close at €20.50 and €2.59.

Although AIBsaid yesterday that it had agreed not to make payments on some securities while the European Commission assesses its restructuring plan, one broker noted that there wasn't a "major" reaction to this news. The stock closed down slightly at €1.52.

Bank of Irelandwas more or less flat at €1.62. Irish Life & Permanentcame under a little bit of pressure, and stood out as an underperformer on what was a largely positive day on the Dublin market. It finished at €3.18, down over 2 per cent, or seven cent.