Takeover talk fuels interest in Irish Life Permanent

Iseq: 2,969.49 (+ 16.92)

IRISH LIFE Permanent was the star performer in yesterday’s Iseq trade, gaining almost 5 per cent on persistent takeover rumours. Dealers were dismissive of “chatter” that Clive Cowdery’s Resolution vehicle would make an offer for some part of the group, as shares finished 13.7 per cent higher at €3.005.

Trade was more lacklustre elsewhere, with volumes more than anaemic. “It’s dead. It’s been dead all week,” was the assessment of one dealer.

Outside Irish Life Permanent, the banks did their best to keep up the numbers, but Bank of Ireland didn’t even break volumes of one million shares. The stock closed 0.1 cent weaker at €1.30, the bank having signalled the non-payment of a coupon on one of its bonds earlier in the day. AIB shed 0.5 cent to finish at €1.09.

The industrials were stronger on the day, with Ryanair maintaining its good run with a 7.2 cent jump to €3.46.

Kingspan was also in good shape, rising 10.5 cent to €5.90. Market heavyweight CRH added 0.9 cent to finish at €17.619, while DCC rose by 4.5 cent to €19.65 amid decent interest.

Grafton didn’t do so well, despite an encouraging trading update from UK peer, Kingfisher. Shares fell 0.37 cent to €2.45.

Kerry Group, which kicks off the reporting season on Tuesday, climbed by 0.8 cent to €21.841.

Among the few newsmakers yesterday was CC, which said it was appointing Sir Brian Stewart, formerly of competitor Scottish Newcastle, as its new chairman. Shares rose 9 cent to €2.91.

Other winners on the day included Aminex, which closed 9.5 per cent stronger at 17.3 cent after saying it had begun drilling a well in Louisiana in the US.

Irish Continental was also up a touch, while FBD, Greencore and Total Produce were among the losing stocks.

Settlement Date: February 23rd