Stocks in all sectors gain as Iseq performs strongly

DUBLIN REPORT: Iseq: 3,057.30 (+33.57) Settlement date: March 17th"ONE of the best trading days in quite some time" was how a Dublin trader described the Iseq's performance yesterday.

The index ended the day firmly in the black, on moderate volumes, with stocks across all sectors enjoying gains.

The positive end to the week was mirrored across Europe, where most major markets finished higher, mainly on the back of strong gains by financials.

Irish banking stocks continued their recent positive run in line with the global trend which saw financials boosted by news overnight that talks on US banking reform broke down, lowering chances of a broad overhaul of the US financial regulation system.

AIB added just over 4 per cent to close at €1.46 after the bank announced it had successfully issued €3 billion of senior guaranteed funding. Bank of Ireland gained 5 per cent to close at €1.23. Meanwhile, Irish Life Permanent rose 3 per cent to €3.28.

Greencore saw above average volumes with the stock enjoying the highest level of investor interest since the announcement of its disposal of its malt business according to one trader. It was one of the best performers yesterday adding 5 per cent to close at €1.38. Overall, many of the second-line stocks enjoyed a follow-on from recent results announcements. Agri-nutrition group Origin Enterprises experienced trading volumes well above average after posting results on Thursday. Having closed the session lower on Thursday, it gained 2.3 per cent in trading yesterday to close at €2.20.

Total Produce similarly attracted above-average investor interest, though it finished down 3 per cent on the day.

Index heavyweight Ryanair had a very strong day, rising 2.8 per cent to €3.50. There was good buying interest across the sector with Aer Lingus also adding 1.7 per cent to €0.59.