Light Dublin gains on mixed global market day

Dublin Report: Dublin gained a little ground in an understandably quiet St Patrick's Day session, with the index finishing about half a percentage point higher in a mixed day for global markets.

Sectoral news provided most of the drivers for the Iseq constituents, with drinks and snacks group C&C slipping almost 1 per cent in the wake of Pernod Ricard results that warned of continued difficulties with trading in the Irish market.

However, trading volume in the stock was negligible.

Grafton, also, was hit by reports of difficult trading in its business. After opening nine cent higher on €9.30, the stock slipped back to €9.20 following reports of a weak start to the year at Kingfisher's B&Q chain.

The stock recovered towards the end of the session to close four cent up on the day at €9.25 in what was, for the day, healthy volume.

Ryanair was one of just five stock to see more than a million shares change hands but was on the wrong end of the latest rise in oil prices. The shares surrendered another nine cent to close on €5.80 as oil hit record levels that had not been foreseen even at the beginning of the year.

Irish Life & Permanent bounced back a bit from a poor day on Wednesday when Bank of Scotland (Ireland) announced it would be buying ESB's chain of stores.

That dimmed hopes of it swooping on IL&P and knocked 50 cent of its price.

Yesterday, buyers moved in on what was seen as an oversold stock, pushing it back up 25 cent to €14.05.

Bank of Ireland also found favour ahead of what is expected to be a strong trading statement next Tuesday. The shares closed 15 cent stronger on €12.37.

AIB was seven cents ahead on €15.64 in little business, while Anglo Irish added five cent to €20.05.

Irish oil heavyweight Tullow was almost 2 per cent ahead in London on 182.75p as sectoral merger and acquisitions rumours circulated regarding First Calgary.