Slight gains on quiet day for Iseq

It was a quiet day on the Irish stock market as investors digested yesterday's Budget.

It was a quiet day on the Irish stock market as investors digested yesterday's Budget.

The Iseq was trading up 19.51 points this afternoon, a 0.6 per cent gain.

C&C was down 2.4 per cent to €2.69 in the morning's trading. Although the Budget gave what traders described as "welcome relief" to the drinks industry with a cut in excise duty, the stock came under pressure from the UK's pre-budget document that warned it would be re-examining cider duty in the budget next March, prompting specualtion that it would be increased to closer to that charged on beer. However analysts said duties would more than likely be passed on to consumers, rather that absorbed by brewers, but it could impact market share gains by cider in the UK.

Banks were down slightly, with AIB losing 0.79 per cent to €1.37, while Bank of Ireland was down 0.6 per cent to €1.50. It was a mixed day for financials yesterday, with Minister for Finance Brian Lenihan promising to introduice a credit review system for small and medium enterprises refuised loans by banks involved in Nama. Mr Lenihan also announced plans for a National Solidarity Bond to encourage saving among small investors to help stimulate economic recovery.

Stock in CRH rose to €17.74, an increase of €2.47, despite the news that a subsidiary had been found to be involved in anti-competitive practices in Poland, and fined €25.6 million. CRH said it was planning to appeal the decision.

Aer Lingus was flat today on reports of the proposed compulsory redundancy plan to be implemented by Aer Lingus in the event it does not reach agreement on the implementation of its cost-cutting plan to save €97 million. The airline is seeking 590 redundancies from its ground service operation, 336 from cabin crew and 139 job losses for pilots.