Leading equities keep Iseq positive in light trading

D UBLIN REPORT: Iseq: 3,019.66 (+10.96) Settlement date: March 16thIRELAND outperformed other European markets yesterday, with most of the leading stocks in positive territory, although volumes were very light.

Banking stocks maintained the upward trend evident in the previous sessions, although volumes continued to be minimal. Irish Life Permanent was the best performer among the financial stocks gaining 3.2 per cent on the day. AIB and Bank of Ireland added 2 per cent and 1 per cent respectively.

Results from agri-nutrition company Origin Enterprises contained few surprises, but its announcement that revenue and profit at the firm dipped in the six months to January 31st 2010, against the background of a difficult trading environment sent the stock 4 per cent lower, although volumes were weak.

Other food-related stocks had a good day, with Kerry Group adding 1 per cent to €23.67, while drinks group C C also attracted significant investor interest, gaining 1 per cent on the day.

There was good volume in Glanbia, a follow-on from Wednesday’s announcement that it has entered negotiations with its co-operative society about selling its Irish dairy unit.

Grafton maintained recent form and was well in demand, buoyed by better-than-expected full-year results from fellow building materials group, Home Retail Group, which owns Argos and Homebase. Grafton gained 4.3 per cent to close at €3.13.

Index-heavyweight CRH finished towards the higher end of its trading range during the day, finishing up just over a half a percent at €17.95, while DCC also continued to see a steady stream of buyers, adding 15 cent to €19.47.

Packaging group Smurfit Kappa gave up most of the gains it sustained in the previous day’s session, shedding 3 per cent, or 20 cents, to close at €6.30.