Iseq outperforms European stock markets

The Iseq had a positive day's trading today, climbing almost 2 per cent and outperforming other European stock markets, as almost all of its biggest stocks turned in a strong performance.

One dealer described the Irish market as "the shining star" on the day, and noted that the index is now once again "eyeballing" the 3,000 mark.

If the Iseq crosses the 3,000 point in the days and weeks ahead, it will be for the first time since November 2008.

Across Europe, there were gains for the FTSE in London, the French Cac and the German Dax, with the day's upbeat mood crowned by the announcement that the French and German economies had officially exited recession.

Disappointing retail sales figures emerging from the US at lunchtime failed to do anything more than temporarily dent the European markets.

The Irish index's largest component stock, building materials group CRH, which is heavily exposed to the US market, rose 4.2 per cent to €18.50, and was the main reason for the Irish market's outperformance.

There was high volume in insurance group FBD, with more than one million shares in the company trading hands, compared to typical volume of around 30,000.

Paper and packaging group Smurfit Kappa advanced 5 per cent to €4.83, after an 8 per cent climb yesterday, after management said they intended to increase the price of a key product.

Among the rest of the major stocks, pharmaceutical group Elan was flat, while Ryanair and Kerry were both negative. The airline stock fell 2.6 per cent to ¤3.12, while the food group dropped 2.8 per cent to €18.00.

The banks all made gains, with the highest percentage rise achieved by Irish Life & Permanent, climbing 7.3 per cent to €3.74. There was reasonably good volume in Aer Lingus, which finished up 2 cent at 51 cent.