DUBLIN REPORT: Iseq: 2,748.72 (+8.53) Settlement date: July 24thTHE IRISH stock market was up almost 2 per cent at its peak yesterday but slipped back to close up just 8.53 points at 2,748.72.
This was mainly due to the movement of the Iseq’s largest component, CRH, which hit €17.45 at one point but weakened somewhat over the course of the afternoon to finish at €17.04, a gain of 36 cents.
Meanwhile, stocks linked with troubled property developer Liam Carroll behaved counter-intuitively, with food group Greencore up almost 5 per cent at €1.11 and ferry operator Irish Continental Group (ICG) gaining 2.5 per cent to €10.25, albeit on light volumes.
AIB and Bank of Ireland, both of which have large exposures arising from Mr Carroll’s developments, came under pressure, slipping by 5.7 per cent and 4 per cent respectively to €1.63 and €1.58.
Irish Life & Permanent was the most actively traded of the financials, with brokers reporting strong two-way interest, but it finished the session unchanged at €2.90.
Elsewhere, cider manufacturer CC retreated after a strong run in recent sessions, closing down 3.6 per cent at €2.
Dragon Oil was also a loser on the day, falling 16 cents to €3.64. Brokers attributed this to investor disappointment over the lack of news on the preliminary takeover approach made by the Emirates National Oil Company (Enoc) in June.
DIY retail group Grafton, which owns the Atlantic Homecare and Woodies DIY chain, proved the strongest performer on the day, gaining 5.7 per cent, or 15 cents, to close at €2.78. Insulation-maker Kingspan also enjoyed a positive day’s trading, climbing 3.8 per cent to €4.37.
No-frills airline Ryanair gained three cents to €3.30 in advance of its results, which are due out next Tuesday.
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