BoI increases by over 10% as Nama Bill is published

MARKET REPORT:Iseq: 3,188.90 (+12.90)

BANK OF Ireland was one of the biggest gainers on the Dublin market on a day when the Government unveiled the Nama Bill.

Brokers reported a lot of buying interest in the bank yesterday and volumes were more than double the three-month average for the stock.

It finished at almost €2.46, a gain of more than 10 per cent.

Volumes in Allied Irish Banks (AIB) were also heavy, although the buying pressure wasn’t as strong. The stock moved up 1.3 per cent to close at €2.34.

Elsewhere, Aer Lingus continued its good run of form, jumping about 8.5 per cent to 64 cent.

The positive investor sentiment is due to the appointment of the airline’s new chief executive Christoph Mueller and a belief that “the newsflow from an equity holder’s point of view is going to be good”, one broker said.

Kerry Group also continued on its upwards trajectory. After tentatively breaking through the €20 mark in recent days, the food group is now being picked up on investors’ radars, which is adding to the positive momentum surrounding the stock, according to brokers.

It closed at €21 yesterday, a gain of 5 per cent, or €1.

Cement giant CRH is due to enter the Eurostoxx 50 index later this month, with the result that investors have been buying into the stock in the expectation of a lift in the share price.

However, there was an element of profit-taking yesterday, pushing the stock lower by 1 per cent – or 26 cent – to €18.49.

Among the minnow stocks, UTV Media gained almost 13 per cent on the London Stock Exchange.

The knock-on effect of this was that TVC Holdings, which owns a significant stake in UTV, bounced almost 9 per cent on the Dublin market to just under 60 cent.

Settlement date: September 15th