Iseq climbs steadily on quiet day

DUBLIN REPORT Iseq 3,016.53 (+0.50 at close): The Dublin market took its lead from Europe today, reversing falls in early trading to climb steadily throughout the day, ending the session in positive territory though only marginally so.

According to traders, it was another directionless day, with volumes very light.

Aer Lingus provided some news-flow for the stock market, releasing a statement to the stock exchange ahead of its investor day in London.

Having gained over 2.5 per cent at one stage the share price ended flat on the day. Most analysts noted that the statement contained "no surprises" while the prediction of lower revenues in 2010 served to dampen investor enthusiasm.

Rival airline stock Ryanair was one of the most active stocks on the ISEQ yesterday with more than 5 million Ryanair stocks traded, ahead of results next Monday. The stock ended the day fractionally lower at €3.42.

Exploration company Kenmare Resources was flat on the day, having made gains during the session, after it announced that production at its mineral mine in Mozambique rose by 22 per cent in the fourth quarter of 2009.

Traders noted some profit-taking on Tullow Oil as uncertainty continued about the company's next move in Uganda. It lost 1.3 per cent, closing at €14.13.

Investor interest in the ISEQ's banking stocks remained tentative, with volumes very low.

Bank of Ireland shed 2.8 per cent to end the session at €1.38, though this was on well below average volumes. AIB saw slightly more action, but it also finished lower at €1.35, a drop of 1.3 per cent.

Irish Life & Permanent continued to detach itself from the performance of the other two financials, gaining 1.5 per cent on the day to close at €3.55.

The overall performance of the ISEQ benefited from a relatively strong performance by construction giant CRH, the heaviest constituent on the ISEQ, which rose 1.5 per cent to close at €17.88.

European stock markets were higher this evening, reversing four days of losses, with upbeat corporate earnings giving some support, while positive consumer confidence data from the United States also boosted investor sentiment.

The pan-European FTSeurofirst 300 closed 0.4 per cent higher at 1,022.99 points.

US stock markets were also higher on the back of the consumer confidence data and positive results from Apple. At 7.30pm the Dow Jones was up 71 at 10,268 while the Nasdaq was up 13 at 2,224.