Market closes at another record high

Dublin report:The Irish market put in a strong performance yesterday, closing up almost 1 per cent at another new record.

Dealers reported decent volumes despite the proximity to the Christmas holiday period and some of the top-liners put in good showings. Stock-specific news was limited, but Grafton released a trading update which provided some focus.

The building materials and DIY group said its full-year earnings were likely to be in line with expectations, though investors were not inspired. The shares slipped two cent to close at €12.17, a move dealers attributed to the fact that there was no upgrade. The company also said its underlying sales grew by a high single-digit percentage, but growth in the UK was in the low single-digits.

Shares in Independent News & Media were in demand, with two million units changing hands. Dealers said the company is due to release a trading update today and investors will be looking for news on the group's plans in Australia. It recently pulled out of plans to buy Australian media group APN after its own consortium of bidders could not reach an agreement on the proposed offer.

The stock closed up seven cent, or 2.3 per cent, at €3.06.

Drinks group C&C put in a strong showing, jumping 3.5 per cent, or 45 cent, to close at €13.50.

Dealers could find no specific reasons for yesterday's increase, but said the sentiment surrounding the stock in general was positive at the moment.

The financials were also gainers, with AIB leading the way to end the day up 26 cent, or 1.2 per cent, at €22.71.

Kingspan meanwhile was subject to some profit-taking following its recent good run and ended the day down 21 cent, or 1.1 per cent, at €19.57.