Summer sun boosts C&C ahead of AGM

Soaring summer temperatures are always good news for cider sellers and Iseq stalwarts C&C, and with London basking in the warmth of the hottest day of the year so far, the stock collected a postprandial feel-good trading boost from City investors and fund managers.

The drinks group’s climb of 2.4 per cent to a closing price €3.60, on middling volume, comes ahead of its AGM and trading update tomorrow. It shone the brightest of any of the major Dublin-listed stocks today, in a session that was positive, but not wildly so.

After a busy time last week, mining stock Kenmare Resources once again attracted high trading volumes on the London Stock Exchange, where most activity in the stock takes place. Some 28 million shares exchanged hands, as investors bullish about the rising price of rare earth minerals continued to pile in.

In London, Kenmare traded as high as 58.9 pence before closing at 57.6 pence, down 0.4 pence on the previous session. On the Iseq, where it has a secondary listing, it closed down 0.3 per cent at 64 cent.

Irish Life & Permanent was one of the biggest fallers in Dublin, finishing down 7.7 per cent at 6 cent. The group announced today that it will delist from the main Dublin and London stock exchanges on August 19th and re-list on the junior Irish market, the Enterprise Securities Market, on August 22nd.

The move had been anticipated by market traders given recent events at the bank. It joins AIB on the ESM, leaving Bank of Ireland as the only bank trading on the main market.

Elsewhere, there was a drop of 3.35 per cent in the share price of Independent News & Media, which closed at 49 cent.

On the bond markets, the yield on 10-year Irish sovereign debt finished the day at 12.095 per cent, up 13 basis points, a new record high, as further details of how European policymakers plan to cope with the Greek debt crisis emerged. Meanwhile, the yield on two-year Irish debt rose 32 basis points to 14.05 per cent.