DUBLIN REPORT: Iseq:2,908.29 (+ 18.18) Settlement date:February 11th

A RECOVERY in US markets yesterday afternoon helped to lift the Iseq out of a morning slump and supported the two main Irish banks.

After a volatile day’s trading, both AIB and Bank of Ireland closed on a good note, up three cent each at €1.12 and €1.22 respectively. The level of shares traded in the names was pretty average, although considerably more muted than on Friday.

However, Irish Life & Permanent sold off a little on the day, finishing down more than 2 per cent, or seven cent, at just under €3.03.

Although there was some activity in Tullow Oil yesterday, it closed unchanged at €13.30 on the Dublin market. However, it nudged up slightly to £11.58 on the London Stock Exchange.

Yesterday morning it was confirmed that Eni, Italy’s biggest energy producer, had terminated the sale and purchase agreement entered into with Tullow’s Ugandan partner, Heritage Oil.

According to a statement issued by Heritage, this should “expedite” the completion of a deal with Tullow to buy its Ugandan assets.

A number of food stocks sold off yesterday. Both Greencore and Glanbia fell about four cent to €1.31 and €2.52 respectively.

Kerry Group shed 10 cent to finish at €20.50, while Total Produce slipped two cent to close at 39 cent.

Private equity firm Boundary Capital fell by 7.4 per cent to 2.5 cent, after warning that the value of its 28 per cent stake in Arnotts is likely to be worthless.

In the airline sector, Ryanair gained four cent to €3.41, while Aer Lingus added one cent to 66.5 cent.

Overall the Iseq index closed up 0.6 per cent, in line with London’s FTSE 100, but it lagged slightly behind the FTSEurofirst 300 index of top European shares, which closed up 0.7 per cent. – (Additional reporting: Reuters)