Banks make advances on positive US results

DUBLIN REPORT: ISEQ: 2,636.22 (+30.18) Settlement date: July 17th:THE ISEQ index yesterday consolidated Monday's gains, finishing up 1.16 per cent to close at 2,636.22.

The gains were in line with European markets, which all ended the day in positive territory on the back of positive results from the US, in particular from banking giant Goldman Sachs which reported a 33 per cent rise in quarterly earnings.

Banking stocks were the biggest gainers on the ISEQ, with the Goldman results pointing to improved confidence in financial markets. Analysts also noted that many private investors were looking to buy on weakness.

AIB was the ISEQ’s best performer, finishing up 15.7 per cent – an increase of 21.6 cent – to end the day at €1.59. Bank of Ireland was the most traded stock. It closed 9 cent higher – a gain of almost 6.5per cent – at €1.49. Irish Life Permanent also ended the day in positive territory, although volumes were low. Its closing price was €3, up almost 9.5 per cent.

Other shares to advance included drinks company CC, which retrieved some of the losses it incurred on Monday following the revelation that the information released in its trading statement last week was erroneous. Yesterday it gained almost 5.5 per cent to end the day at €1.95.

Agri-food company Glanbia incurred losses early in the day following a trading update which said that volatility in diary markets in the first half of the year meant its Food Ingredients Ireland unit had become loss-making. However, the prediction was in line with expectations, and the share price rallied in afternoon trading, closing up just over 9 per cent at €2.41.

Concrete products group Readymix finished the day just over 10.5 per cent lower at 17 cent after the company said that it expected to report a pretax loss of around €6.9 million for the first six months of this year.