Iseq: 2,938.29 (+14.23) Settlement date: April 27thTHE IRISH market advanced yesterday, as upbeat US corporate earnings sparked a rally on global markets.
Strong results from chipmaker Intel kick-started markets and emboldened investors whose nerves were left frazzled by Standard & Poor’s shock warning on the US economy on Monday.
Although the Iseq index pared its gains after a strong opening, it was still almost 15 points ahead at 2,938.29 at the closing bell.
CRH advanced for a second consecutive day, after fresh economic data indicated the US non-residential construction sector may trough later this year and then start to recover. Further positive news for the building materials stock came in the form of a trading update from Dutch plastic pipe producer Wavin which showed 22 per cent growth in first quarter revenues.
Buoyed by this news, CRH finished almost 2 per cent up, or 30 cent, at €15.83.
Smurfit Kappa moved ahead after UK corrugated and cardboard packaging manufacturer DS Smith released a positive pre-close statement confirming further volume growth and input cost recovery. Smurfit gained more than 3 per cent, or 28 cent, to close at €9.35.
Elan lost some of the ground made earlier in the week, despite releasing first-quarter numbers yesterday morning that were ahead of expectations at an earnings per share level.
The pharmaceutical firm said its multiple sclerosis drug Tysabri helped boost its figures in the first three months of the year. Nonetheless it sold off yesterday and closed about 1 per cent down at €5.72.
Bakery group Aryzta slipped despite announcing that the Zurich commercial court had ruled in its favour in relation to a legal action taken against it. The stock fell 10.5 cent to €36.60, albeit on very thin volume.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)